LONDON (ShareCast) - (Sharecast News) - Blackstone Europe outbid Tritax Big Box on Thursday, after the private equity firm upped its offer for Warehouse Reit.
Under its revised offer, shareholders in Warehouse - a specialist in industrial real estate - will now receive 113.4p per share in cash alongside a dividend of 1.3p per share.

The deal values Warehouse at £489m, comfortably above both Blackstone's first offer of £470m - which was rejected by the board - and Tritax's recommended bid of £485.2m.

It also represents an 8.3% premium to the closing price on 3 June, when Blackstone first disclosed its bid.

Blackstone said in June that its initial bid of 109p per share was its best and final offer, but that it reserved the right to increase the price should another party express interest in the business.

As at 1130 BST, shares in Warehouse were up 3% at 115.41p, while Tritax was 1% higher at 144.2p.

Neither Tritax, a specialist in distribution centres, nor Warehouse have so far commented on the improved offer.

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