Overview

• Tritax will pay £632 million in cash funded by a £650 million loan and will issue £375 million of new shares to Blackstone at 161 pence.
• The share component gives Blackstone about a 9% holding in Tritax Big Box REIT.
• The 161 pence issue price is a 13.5% premium to Friday’s close and below Tritax’s EPRA NAV of 188.17 pence per share.
• Tritax said its loan-to-value ratio rises to 35% from 31% and it plans roughly £300 million of disposals over 18 months to move toward the low end of its 30–35% target range.
• The deal comes shortly after Blackstone’s purchase of Warehouse REIT following a bidding contest that saw Tritax withdraw.