US private equity giant Blackstone has agreed to acquire UK-listed commercial property company Industrials REIT for £700 million.
Industrials REIT and Blackstone, following a period of extensive negotiations, have reached an agreement on the key financial terms of a final proposal for a possible cash offer for the REIT, said Industrials REIT in a regulatory filing on Monday.
Blackstone will form a new entity controlled by one or more of the investment funds advised by Blackstone or any of its affiliates.
Under the terms of the offer, Industrials REIT shareholders would receive 168 pence per ordinary share in cash, giving the firm an enterprise value of about £700 million ($860 million).
This represents a premium of 42.4% to the closing price of 118.0 pence on 31 March 2023; and 40.6% to the Industrials REIT one-month volume weighted average share price of 119.5 pence on 31 March 2023.
Industrials REIT’s directors added they would vote in favour of the deal.
The two companies said that they intended to make an announcement regarding the offer by 14 April.
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