Blackstone moves forward with $639m takeover of Industrials REIT

Industrials REIT has agreed to terms of a takeover from Blackstone, which would value the London-based REIT at £511 million ($639 million).

Under the agreement, Sussex Bidco, a newly formed limited partnership indirectly owned by investment funds advised by affiliates of Blackstone Inc., will acquire Industrials REIT for 168 pence ($2.67) per share in cash. The offer represents a premium of 42.4 percent to the closing price of 118 pence ($1.45) per share on March 31, the last business day before the commencement of the offer period.

In early April, Industrials REIT had agreed to the proposed takeover offer with the intent to recommend it to its shareholders. The REIT and Blackstone were planning to announce a firm intention to make an offer by April 14.

“As one of the largest investors in logistics real estate globally and in the U.K., we have been preparing for this cycle for a long t