Tritax Big Box Acquires £1bn Logistics Portfolio from Blackstone
London-listed REIT Tritax Big Box has purchased a £1bn logistics portfolio from Blackstone, while the private equity giant considers a bid for Big Yellow Group.
The Tritax transaction includes 32 urban logistics and five big box assets across the South East and the Midlands. Tritax will pay £632m in cash for the assets, while Blackstone will also receive up to £375m of new ordinary shares in the REIT.
“This transaction reflects our conviction in Tritax Big Box and its market-leading position, as well as our continued conviction in the UK logistics sector. This portfolio represents a rare aggregation of high-quality properties with meaningful embedded rental growth potential.” - James Seppala, chair of Blackstone Europe and head of real estate Europe
The shares will be issued at a 13.5% premium to Tritax’s closing price of 141.9p at the end of last week, but below Tritax’s NAV of 194p per share.
Author's summary: Tritax Big Box buys £1bn logistics portfolio.
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