25 June 2025
If you are covering the news that Tritax Big Box has made a bid for Warehouse REIT, please find below a comment from Oli Creasey, head of property research at Quilter Cheviot:
“Tritax Big Box has decided it wants a piece of the recent REIT M&A action, and has made a cash and shares offer for Warehouse REIT. Warehouse REIT is already subject to an all-cash bid from Blackstone of 109p, which the board actually recommended in early June. However, Tritax Big Box has bided its time and put in an audacious bid that is marginally higher in value, and the board has switched its recommendation as a result.
“Blackstone's bid was described as final, but did include a clause to increase the offer in the event of a third-party competing bid being made. With that in mind, it's possible that this becomes another bidding war in the UK REIT space, hot on the heels of the Assura/PHP/KKR saga.
“These sorts of moves underline how attractive the UK REIT market looks right now. Big discounts to net asset value are still prevalent in most REITs and crucially it appears as if the property cycle has renewed as well. These factors are making UK based REITs prime targets, with private equity facing off against those who wish to consolidate the market and ensure they do not miss out on what are some quality assets.”
