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Blackstone swoops for £500mn UK commercial property company

Blackstone has struck a deal price greater than £500mn to purchase a British business property firm, because the US non-public fairness group outlets for bargains within the UK actual property sector.

Blackstone has supplied to pay shareholders in Industrials Reit a 42 per cent premium to Friday’s closing worth to take the corporate non-public. The UK firm’s board mentioned it will suggest Blackstone’s supply to amass the 7mn sq ft portfolio of UK logistics warehouses.

Shares in listed actual property firms have slumped as rising rates of interest depress property values, creating alternatives for personal funds to snap up portfolios.