IN BRIEF: Tritax Big Box REIT completes Blackstone property purchase
Tritax Big Box REIT PLC - real estate investment trust focused on ’big box’ logistics properties - Completes £1.04 billion acquisition of a UK logistics property portfolio from Blackstone Europe LLP, part of Blackstone Inc. The portfolio consists of 6.5 million square feet of logistics space across 409 units. Tritax Big Box had said the purchase will increase its urban footprint in the South East and Midlands of England. Under the deal, announced at the beginning of last week, Tritax Big Box is paying Blackstone £632 million in cash, which it says has been funded by a new £650 million debt facility from Santander Corporate & Investment Bank, part of Banco Santander SA. It is also issuing Blackstone with 221.4 million new BBOX shares, giving the New York-based private equity investment manager an 8.6% stake.
‘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,’ says James Seppala, chair of Blackstone Europe and head of Real Estate Europe.
Current stock price: 151.00 pence, up 1.6% in London on Wednesday
12-month change: up 0.4%
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