Warehouse REIT to delist on October 9 as Blackstone takes control

(Alliance News) - Warehouse REIT PLC on Thursday said the cancellation of its listing on the London Stock Exchange's Main Market will take effect on October 9, following Blackstone Inc's Wapping Bidco Ltd securing majority control of the company.

Wapping Bidco now holds more than 75% of the voting rights in Warehouse REIT, after launching a recommended mandatory cash offer for the company at 113.4 pence per share and after edging out rival suitor Tritax Big Box Holdings PLC last month. Including a July dividend, the total offer value stands at 115.0p per share.

The London-based real estate investment trust that invests in large logistics warehouses confirmed that the delisting process has formally commenced. Trading in Warehouse REIT shares is expected to cease at 8 am on October 9.

The company warned that the cancellation of listing and trading will "significantly reduce the liquidity and marketability" of shares not tendered in the offer.

Remaining shareholders will become minority holders in a majority-controlled private company and may not be able to sell their shares on equivalent terms in future.

Blackstone's offer, which became unconditional on September 8, remains open for acceptance "until further notice," with the private equity giant required to give at least 14 days' notice before closing the offer.

Shares in Warehouse REIT were up 0.3% at 113.39 pence in London at midday on Thursday. Shares in Blackstone were flat at USD178.23 during premarket trading in New York.

By Eva Castanedo, Alliance News reporter

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