Blackstone swoops for £500mn UK commercial property company

Blackstone has struck a deal worth more than £500mn to buy a British commercial property company, as the US private equity group shops for bargains in the UK real estate sector.

Blackstone has offered to pay shareholders in Industrials Reit a 42 per cent premium to Friday’s closing price to take the company private. The UK company’s board said it would recommend Blackstone’s offer to acquire the 7mn sq ft portfolio of UK logistics warehouses.

Shares in listed real estate companies have slumped as rising interest rates depress property values, creating opportunities for private funds to snap up portfolios.

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