Blackstone Invests in Tritax Big Box
Blackstone has acquired a £1bn logistics portfolio and taken a 9% stake in Tritax Big Box (BBOX) through a deal that includes newly issued shares valued at 161p per share.
The portfolio consists of approximately 60% urban logistics assets and 40% larger warehouses in south-east England and the Midlands.
The deal is expected to increase Tritax's exposure to urban logistics, with the Reit noting that the shorter-dated leases on the last-mile properties will allow for quick earnings boosts through rent increases.
As part of the agreement, Blackstone will have a lock-up arrangement on the new shares until the end of 2026.
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Author's summary: Blackstone invests in Tritax Big Box with a £1bn portfolio deal.