The Board of Tritax Big Box REIT plc has announced it has exchanged contracts to acquire a high-quality portfolio of logistics assets valued at £1,035 million from certain real estate funds advised by affiliates of Blackstone. The acquisition is expected to complete on or around 22 October 2025, subject to the satisfaction of certain conditions.
The consideration for the aquisition is a mix of cash and newly issued BBOX shares as follows:
- £632 million in cash, to be funded via a new £650 million debt facility; and
- Up to 233.11 million or c. £3752 million of new ordinary shares to be issued at a price of 161p per share, representing:
- a premium of 13.5 per cent. to the BBOX closing price of 141.9 pence on 10 October 2025
- a premium of 14.0 per cent. to the BBOX 3-month VWAP of 141.3 pence on 10 October 2025
- approximately 8.6 per cent. of the Company's enlarged issued share capital
Colin Godfrey, BBOX CEO, commented:
"Aligned with our strategic objectives, this exceptional portfolio offers strong rental reversion and numerous asset management opportunities. It also significantly broadens our client proposition across key urban logistics markets and reinforces our leading position in mission critical big boxes; in combination growing our GAV to over £7.9 billion.
“The acquisition also delivers immediate financial benefits, including mid-single-digit EPS accretion and enhanced returns well above our cost of capital. I welcome Blackstone as a new 8.6 per cent. shareholder in Tritax Big Box; their investment at a material share price premium demonstrates confidence in our team, our leading position in UK logistics, the strong attributes of the transaction and positive outlook for both our business and the market."
James Seppala, Chairman of Blackstone Europe and the Head of Real Estate Europe, commented:
"This transaction reflects our conviction in BBOX and its market-leading position, as well as our continued conviction in the UK logistics sector. This portfolio represents a rare aggregation of high-quality properties with meaningful embedded rental growth potential. The Tritax team's strong asset management track record make them an excellent steward for these assets in the future. Our decision to take an ownership stake in BBOX as part of this transaction reflects our belief in the Company's long-term strategy and outlook, and we are excited by the opportunity to participate in the future success of the enlarged business."
