Blackstone raised its all-cash offer to acquire Warehouse Reit to $619m, marking its final bid in the ongoing takeover pursuit.

The offer, priced at 115p per share, values the UK-listed logistics landlord at £489m and represents a near 40% premium to its pre-announcement share price.
This revised offer follows the withdrawal of former partner Sixth Street and comes after four previous bids were rejected by Warehouse Reit’s board. The company had dismissed the earlier £470m approach as significantly undervaluing its portfolio and operations.

The deal highlights rising private equity interest in Europe’s commercial property sector, where valuations have dropped sharply since 2022. Analysts estimate that industrial and logistics property values across the region are down approximately 20% from peak levels.

Blackstone is among several US investors capitalising on what many see as the bottom of the market. The firm is also building scale through its logistics platform Indurent, created last year by merging its previous acquisitions, St Modwen and Industrials Reit.

Other notable moves in the sector include Brookfield’s acquisition of Tritax EuroBox, Lone Star’s purchase of assets from Balanced Commercial Property Trust, and Starwood’s deal with Charles Street Buildings.

Blackstone has until Monday to make a firm offer under UK takeover rules.