Blackstone has sealed a £489m ($660m) acquisition of Warehouse REIT, securing control after months of competition and shareholder negotiations, according to a report by Bloomberg.

The private equity firm’s 115p per share offer crossed the required threshold after 16.4% of shareholders accepted, bringing total acceptances including commitments to 51.6%, according to a statement. The bid, declared unconditional on Monday, ends a drawn-out process that began in March.

Blackstone has been doubling down on UK logistics, with Warehouse REIT becoming the third listed industrial and logistics landlord it has taken private since 2021. The sector has remained resilient, supported by strong demand from retailers meeting the growth of online shopping, even as broader commercial property markets face headwinds.

Warehouse REIT, which floated in 2017, was consistently valued below its net assets and struggled to achieve the scale increasingly demanded by institutional investors. The deal followed a bidding battle with Tritax Big Box REIT, which tabled a £485m counteroffer before Blackstone sweetened its bid to win board support.

The acquisition underscores Blackstone’s conviction in logistics real estate as a long-term play, exploiting listed valuations that have lagged underlying asset performance.

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