Blackstone makes $1.68b offer for St. Modwen Properties

Blackstone Group has made a £1.21 billion ($1.68 billion) buyout proposal for Birmingham, U.K.–based St. Modwen Properties.

The company builds homes; owns and manages several industrial and logistics assets in the United Kingdom; and develops sites for housebuilding, commercial and other projects.

“Having considered the possible offer, the board of St. Modwen has indicated to Blackstone that the possible offer is at a value the board would be willing to recommend unanimously, should a firm intention to make an offer,” stated the firm in an official announcement.