UK's Tritax Big Box's pursuit of Warehouse REIT formally ends (updated)
27/08/2025 14:08
Recasts with details from Warehouse REIT statement and context throughout Aug 27 (Reuters) - Britain's Warehouse REIT WHRW.L said on Wednesday a buyout offer from peer Tritax Big Box REIT BBOXT.L was formally terminated after both parties chose not to proceed with the proposal following a rival agreement. Warehouse REIT, which has been the subject of a bidding war for months, had recommended in July that shareholders accept a roughly 489-million-pound offer from U.S. private equity group Blackstone BX.N over Tritax's bid. Blackstone has offered the logistics specialist 115 pence per share amid growing overseas interest in UK assets, thanks to Britain's muted valuations and relative market stability, which are fuelling a wave of recent bids. A regulatory auction process for Warehouse REIT ended last week after Tritax said its 485.2-million-pound cash-and-stock proposal was final and that it would not be increased, drawing a line in the prolonged fight. Warehouse REIT said on Wednesday Tritax had confirmed to it that the company does not wish to exercise its right to present an alternative takeover offer. The formal termination of Tritax's pursuit means that it will not be able to make any approach to Warehouse REIT for 12 months without regulatory consent. The development also comes after Blackstone and its affiliates increased their shareholding in Warehouse REIT last week, making their offer a "recommended mandatory cash offer" under British takeover rules. As of August 26, Blackstone directly or indirectly owned or had received undertakings of support for its offer through shares representing roughly 34.33% of Warehouse REIT, the British company said. ($1 = 0.7402 pounds) (Reporting by DhanushVignesh Babu and Pushkala Aripaka in Bengaluru; Editing by Shilpi Majumdar) ((DhanushVignesh.Babu@thomsonreuters.com;))