CMS is advising FTSE 250 listed Tritax Big Box REIT plc (BBOX) on its £485m recommended cash and share takeover offer for Warehouse REIT plc (Warehouse REIT), to be effected by way of a scheme of arrangement. CMS is also advising BBOX on £600m of loan facilities arranged by Banco Santander, S.A., London Branch.
Warehouse is also in receipt of a competing offer from Wapping Bidco Ltd, a newly-formed company indirectly owned and advised by affiliates of Blackstone Inc..
BBOX is the largest listed UK REIT and invests primarily in UK high-quality logistics warehouse assets and controls the largest logistics-focused development land platform in the UK. BBOX has a market capitalisation of approximately £3.7 billion. As a result of the acquisition of Warehouse REIT, BBOX is expected to have an enhanced portfolio of £7.4bn.
Warehouse REIT invests in warehouse assets in the industrial and logistics sector, with a primary focus on multi-let warehouses, which offer the greatest flexibility for occupiers, as they enable such occupiers to scale up or down as their businesses evolve. As at 31 March 2025, Warehouse’s portfolio was valued at £805m.
