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


(END) Dow Jones Newswires

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

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