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Blackstone is poised to win a battle for Warehouse Reit, after the listed UK landlord mentioned it will change its shareholder suggestion to a suggestion from the US funding group over a rival bid from Tritax Huge Field Reit.

Warehouse Reit mentioned on Friday it was altering its endorsement after Blackstone confirmed it will permit shareholders to obtain a dividend from Warehouse, which will probably be paid this month.

The most recent Blackstone supply quantities to 115p money a share and values Warehouse at about £489mn. Tritax had provided a money and inventory deal value round £485.2mn.

The brand new supply “supplies Warehouse Reit shareholders with a sure all-cash supply, at a premium to the [Tritax] supply”, mentioned Neil Kirton, chair of Warehouse Reit.

Blackstone, which has been pursuing the UK group for months, is looking for to make the most of what buyers imagine could be the backside of the business property market. Actual property values have plunged since 2022, as larger rates of interest hit asset values and held again funding.

Blackstone, the world’s largest business property investor, had initially provided £470mn in February.

Listed landlords have been buying and selling at substantial reductions to the worth of their belongings, with smaller teams underneath growing stress to promote up or consolidate.

Personal capital has been searching logistics targets throughout Europe in recent times, drawn by the continued growth in ecommerce and prospects for progress within the sector.

Blackstone final 12 months struck a €1bn deal to purchase an 80 per cent stake in a European logistics portfolio from Johannesburg-listed landlord Burstone, whereas US buyers Lone Star and Starwood have additionally acquired large logistics portfolios.