Blackstone Swaps £1 Billion Portfolio for 9% Tritax Stake (1)

Blackstone Inc. has agreed to sell a portfolio of UK warehouses valued at £1 billion ($1.3 billion) to Tritax Big Box REIT Plc in a deal that will hand the alternative asset manager a stake in the landlord.

Tritax will pay £632 million in cash — financed by a £650 million loan — and will issue £375 million of new shares to Blackstone, giving the New York-based company a stake of about 9%, according to a statement Monday.

Tritax will issue Blackstone shares at 161 pence, a 13.5% premium to its closing price Friday, but a discount to the EPRA ...