Blackstone Completes Terms to Buyout Industrials REIT

Posted on 04/14/2023

Sussex Bidco LP is a newly-formed limited partnership indirectly owned by investment funds advised by affiliates of Blackstone Inc. Blackstone and Industrials REIT Limited agreed on the terms of Blackstone buying the REIT. The deal breaks down to an offer of 168 pence in cash per share, a 42.4% premium to the closing price of 118 pence on March 31, 2023, the last business day prior to the offer period beginning. Established in 2012 and headquartered in London, Industrials REIT agreed to the £511 million take private offer.

Industrials REIT Limited is a U.K. REIT investing in multi-let industrial properties. Industrials REIT Limited specializes in the ownership and operation of multi-let industrial estates across the U.K., leasing the estates to a diversified range of small and medium-sized businesses. In 2018, Industrials REIT Limited converted to a U.K. REIT and announced a transition phase to become a 100 per cent. focused UK MLI REIT. This transition completed on April 5, 2023 following the disposal of Industrials’ interest in the joint venture in care homes located in Germany.

As of March 31, 2023, Industrials had a market capitalization of £350,295,328.

N.M. Rothschild & Sons Limited is advising Blackstone. Numis Securities Limited and Eastdil Secured International Limited are advising Industrials REIT Limited.

Keywords: Blackstone Group LP.

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