Tritax Big Box Acquires £1.4bn Logistics Portfolio from Blackstone
Tritax Big Box has agreed to purchase a £1.4bn logistics portfolio from Blackstone, comprising 32 urban logistics and 5 big box assets.
The acquisition is expected to be completed on or around October 22, subject to certain conditions being met.
“Aligned with our strategic objectives, this exceptional portfolio offers strong rental reversion and numerous asset management opportunities. “It also significantly broadens our client proposition across key urban logistics markets and reinforces our leading position in mission critical big boxes; in combination growing our GAV to over £7.9bn.”
According to Colin Godfrey, CEO of BBOX, the deal delivers “immediate financial benefits” including enhanced returns. As a result of the transaction, Blackstone will become an 8.6 per cent shareholder in the real estate investment trust.
Author's summary: Tritax Big Box buys £1.4bn logistics portfolio.
- Portfolio value: £1.4bn
- Number of urban logistics assets: 32
- Number of big box assets: 5
- Expected completion date: October 22
- Blackstone's stake in Tritax Big Box: 8.6%