Tritax Big Box REIT has announced that it has reached an agreement on the terms of a recommended acquisition of Warehouse REIT.
The transaction will be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Based on Tritax’s closing share price of c. £1.50 on 24 June 2025, the offer implies a total value of c. £1.14 per Warehouse share.
This equates to valuing Warehouse REIT’s issued and to-be-issued share capital at approximately £485.2 million.
This represents a 38.6% premium to Warehouse REIT’s closing share price of c. £0.82 on the undisturbed date, and a 4.8% premium to the previous c. £1.09 per share offer from Blackstone
Following completion, Warehouse REIT shareholders will hold approximately 6.8% of the combined group.
The Warehouse Independent Directors, having received financial advice from Peel Hunt and Jefferies, unanimously recommend shareholders vote in favour of the scheme.
In light of the Tritax Big Box offer, the Warehouse REIT board has withdrawn its previous recommendation of the Blackstone offer.
Tritax hopes that the acquisition will reduce annual costs synergies by £5.5m through operational efficiencies and lower management fees.
Chair of Tritax Big Box REIT Aubrey Adams said: “This transaction enhances our scale, improves earnings, and broadens our exposure to high-demand urban logistics assets.
“It delivers immediate value to both sets of shareholders and reinforces our position as the UK’s leading logistics platform.”
