Tritax Big Box REIT plc (LSE:BBOX) saw its share price rise 2.2% on Monday after announcing a £1.04 billion acquisition of a major logistics portfolio from Blackstone (NYSE:BX). The company expects the deal to deliver mid-single digit earnings per share accretion in its first year.
The transaction covers a 6.5 million square foot portfolio comprising 409 units across 41 UK locations, with completion anticipated around October 22, 2025. The acquisition will be financed through £632 million in new debt and approximately £375 million in newly issued shares.
As part of the deal, Blackstone will become a significant shareholder, holding roughly 8.6% of Tritax’s enlarged share capital. The new shares will be issued at 161p — a 13.5% premium to the company’s October 10 closing price of 141.9p.
The portfolio is heavily weighted toward urban logistics and big box assets in core UK regions, with 36% located in the South East. It generates about £53 million in annual passing rent, with further upside potential as the estimated rental value of £67 million reflects a 28% increase over current levels.
Tritax emphasized the strategic value of the acquisition, noting that the assets were purchased below replacement cost and are expected to capture more than 80% of the rental reversion potential by 2028 through lease events and active asset management.
Upon completion, the company’s gross asset value will rise to £7.86 billion, while loan-to-value is projected to increase to around 35%. To manage leverage, Tritax plans to execute roughly £300 million in targeted disposals over the next 12 to 18 months, aiming to bring gearing to the lower end of its 30–35% target range.
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