April 4 2023
Shares of JSE-listed Industrials Reit, the owner of multi-let industrial assets in the UK, climbed more than a third on Monday, after it announced a buyout proposal by American private equity group Blackstone which values Industrial Reits shares at £500m (R11bn).
In terms of the proposal, the shareholders would receive 168p per ordinary share in cash, 42.4% higher than the company’s share as of Friday’s close. When including debt, the total equity value of the deal is about £700m (R15.5bn).
Industrial Reit’s share price closed 37.50% higher at R35.75 on Monday.
Industrials Reit was formerly called Stenprop. It has a primary listing in London and is led by Paul Arenson. It has spent a few years shifting its portfolio to focus on UK multi-let assets. These are industrial properties with space for multiple small and medium-sized tenants.