St Modwen is focused on warehouses and logistics hubs that have benefited from the shift to online shoppingBlackstone is to take over St Modwen Properties in a £1.2 billion deal that will enable the giant American private equity group to expand its warehouse portfolio in Britain. The New York-based investor has offered 542p a share for the FTSE 250 property group, which is focused on warehouses and logistics hubs that have benefited from the shift to online shopping and the disruption to supply chains during the pandemic. SponsoredBlackstone made its move this month. The price reflects a 21.1 per cent premium to St Modwen’s share price on the day before Blackstone disclosed its bid, but it is only marginally above where the shares stood before the pandemic. However, the offer was opposed by JO Hambro

Source: The Times May 20, 2021 11:04 UTC