One of the world’s biggest property investors is in advanced talks with a London-listed group over a £1bn logistics deal – weeks after the duo were embroiled in a takeover bid war for another industrial property group.
Sky News has learned that Blackstone, the US private equity giant, is close to agreeing a deal to sell around £1bn of logistics assets to Tritax Big Box Reit, which has a market capitalization of around £3.65bn.
Real estate industry sources said this weekend that while key details were not yet finalized, a deal could see Blackstone receive some of the consideration for the assets in the form of equity in Tritax Big Box.
Depending on how much of the deal is paid in stock, Blackstone could become one of Tritax Big Box’s largest shareholders.
An announcement regarding a deal between the two companies could come within days, the sources said.
A deal would come less than two months after Tritax Big Box withdrew from bidding for Warehouse Reit after Blackstone lodged an offer worth almost £500 million for the business.
Talks between Blackstone and Tritax Big Box over an asset portfolio deal were reportedly launched shortly after the battle with Warehouse Reit was resolved.
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Tritax Big Box is among the companies that have emerged to take advantage of the growing demand for industrial warehouse and logistics assets.
Its sites include a 2.3 million square foot facility on land previously occupied by Littlebrook Power Station in Kent, with much of this space now pre-let to Amazon and Ikea.
Blackstone, which recently pledged to invest £100 billion in the UK in the coming years, and Tritax Big Box both declined to comment on Sunday.