Warehouse REIT has agreed to a takeover offer from Blackstone and has withdrawn its previous acquisition recommendation from Tritax Big Box REIT.

Blackstone had said that its previous offer was final and would not be increased. However, this was subject to a third party making an offer for the firm.

Under the new offer, Warehouse REIT shareholders will receive 113.4 pence in cash per share.

The trust now recommends that its shareholders vote in favour of the Blackstone offer, adding that it has withdrawn its recommendation of the Tritax Big Box acquisition.

Chair at Warehouse REIT, Neil Kirton, said: "The Warehouse independent directors note the announcement of the Increased Blackstone offer on terms substantially in line with the possible offer announced by Blackstone on 25 March 2025. The Warehouse independent directors have carefully evaluated both offers, while remaining firmly focused on their fiduciary duties to Warehouse REIT shareholders.

"The increased Blackstone offer provides Warehouse REIT shareholders with a certain all-cash offer, at a premium to the Big Box offer, which comprises a mixed consideration of new Big Box shares and cash, and the Warehouse independent directors now switch their recommendation in favour of the increased Blackstone offer accordingly."

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