Blackstone is poised to secure control of Warehouse REIT after Tritax Big Box REIT dropped out of the bidding battle, declining to raise its offer, Bloomberg reports.

Tritax confirmed in a filing that its cash-and-share proposal, initially worth 114.2p per share when launched in June, had slipped to around 106p due to recent market declines. This fell short of Blackstone’s board-backed bid of 115p per share, which included a dividend paid in July.

By stepping aside, Tritax effectively paved the way for Blackstone’s acquisition, ending months of competition for the UK logistics landlord. The firm said increasing its offer would not serve shareholders’ interests, and it would instead pursue other acquisition and growth opportunities.

The deal underscores intensifying consolidation in the UK listed property sector, as investors seek scale while some look for exit routes. Last week, Primary Health Properties clinched its acquisition of Assura, beating bids from private equity firms KKR and Stonepeak. 

Meanwhile, Unite Group and Empiric Student Property announced plans to merge in a £723m deal.

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