Industrials Reit has announced that it has reached an agreement with Blackstone to acquire its business.

Blackstone has agreed to purchase Industrials Reit for 168p per share. The cash deal gives the London-listed company an enterprise value of about £700m.

Blackstone intends to make a firm offer by April 14.

Blackstone’s UK warehouse portfolio is worth around £30bn. Industrials Reit – whose tenants include Thames Water, JD Sports and Siemens – has a portfolio of 7.1m sq ft.

Clarion Events, the organiser of Multimodal, is owned by funds advised and managed by Blackstone

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