Industrials REIT Agrees to $640 Million Blackstone Takeover

By Ian Walker

Industrials REIT Ltd. said Friday that it has agreed to a 511.2 million-pound ($640.2 million) takeover by Sussex Bidco LP, a new company indirectly owned by Blackstone Inc.

Under the deal, accepting shareholders of the U.K. multilet industrial-property company will get 168 pence in cash as indicated earlier this month. The offer price is a 42% premium to the company's closing price of 118.0 pence on March 31, the day before the company said it would recommend the deal if a formal offer was made.

The company said on April 3 that including debt, the enterprise value of the deal was GBP700 million.

The offer is final and won't be increased, the companies said in a joint statement.

"We believe this offer is in the best interests of Industrials shareholders providing them with cash certainty at an attractive premium to the pre-offer share price and significantly accelerating the value that could be realized by Industrials if it were to remain listed," Chairman Richard Grant said.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

April 14, 2023 02:59 ET (06:59 GMT)

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