UK multi-let warehouse specialist Industrials REIT has announced that it has agreed to a potential takeover by US giant Blackstone in the wake of lengthy negotiations.
The Blackstone bid is understood to value the company at around £700 million (€800 million) including debt. Industrials' equity valuation stands at £498.7 million.
Industrials, which holds some 1,270 industrial units across the UK, including Scotland and Wales, generates an annual gross rental income of £12 million. It said in a statement that it would recommend the mooted offer to its shareholders. The firm manages its portfolio through its operating platform, Industrials Hive, which leases units with a full service option. It said that 'more than half our customers have never signed an industrial lease before and are very wary of the risks and drawbacks'.
Source: https://propertyeu.info/Nieuws/-UK-s-Industrials-REIT-agrees-to-potential-800m-Blackstone-takeover/79c936d4-6a69-4707-946b-2ebf3833816f, on 13 April 2023