LONDON, UK: Sussex Bidco LP, a newly-formed limited partnership indirectly owned by investment funds advised by affiliates of Blackstone Inc., has agreed to acquire Industrials REIT Limited at the rate of 168 pence in cash for each share.
The acquisition values the entire issued and to be issued ordinary share capital of Industrials REIT at approximately £511.196 million on a fully diluted basis.
Industrials is a UK REIT investing in multi-let industrial (MLI) properties with the strategic goal of becoming the leading MLI business in the UK.
Established in 2012 and headquartered in London, Industrials has a primary listing on the premium listing segment of the FCA’s Official List and is admitted to trading on the premium segment of the London Stock Exchange’s Main Market for listed securities. Industrials also has a secondary listing on the Johannesburg Stock Exchange.
Industrials REIT specialises in the ownership and operation of MLI estates across the UK, leasing the estates to a diversified range of small and medium-sized businesses. In 2018 Industrials converted to a UK REIT and announced a transition phase to become a 100 per cent focused UK MLI REIT. This transition completed on 5 April 2023 following the disposal of Industrials’ interest in the joint venture in care homes located in Germany.
As of 31 March 2023, Industrials REIT had a market capitalisation of £350.295 million.
Blackstone Real Estate is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $326 billion of investor capital under management as of 31 December 2022. Blackstone is one of the largest property owners in the world, owning and operating a $577 billion real estate portfolio as of 31 December 2022 across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail.
James Seppala, Head of Blackstone Real Estate Europe, said: “As one of the largest investors in logistics real estate globally and in the UK, we have been preparing for this cycle for a long time and have assembled a high-quality portfolio and positioned it for growth. We have the track record, capital and scale to enable Industrials to capitalise on the opportunities ahead.
Blackstone has been an active investor in the UK for over 20 years and we have deployed over $27 billion in the country over that period, supporting nearly 90 businesses. This acquisition sees us doubling down on the logistics sector and the UK which is our largest logistics market in Europe.”
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