- Warehouse Reit
- 08 September 2025 09:30:15
Source: Sharecast
The US private equity firm said valid acceptances had been received in respect of 69.7 million Warehouse shares, or 16.4% of the issued share capital, while its subsidiary Wapping Holdings had separately acquired 149.4 million shares, representing 35.2% of the company.
Together with other acceptances and acquisitions, Bidco now controls 219.1 million shares, giving it 51.6% of Warehouse’s equity and satisfying the acceptance condition of the offer.
As a result, Bidco confirmed it now held “significant control over Warehouse and is in a position to ensure the approval, or rejection, of ordinary resolutions of Warehouse and determine the overall strategy of the Warehouse Group”.
The offer remained open for acceptances until further notice, though withdrawal rights had ceased.
Blackstone also said the existing Warehouse board members were expected to resign, with representatives of the firm set to be appointed in their place.
“Separate announcements will be made by Bidco and Warehouse in respect of these upcoming changes,” it added.
The bidder reiterated that if it reached ownership of 75% of Warehouse’s voting rights it intends to cancel the company’s London listing, while passing 90% would allow it to compulsorily acquire the remaining shares.
In that event, Warehouse would be re-registered as a private limited company, which the company cautioned would “significantly reduce the liquidity and marketability” of any shares not tendered into the offer.
Settlement of consideration for shareholders who had already accepted the offer was set to be made within 14 days of 5 September, while those who accepted after that date would be paid within 14 days of their acceptance being received.
At 0909 BST, shares in Warehouse REIT were flat at 113.6p.
Reporting by Josh White for Sharecast.com.
