• Industrials REIT Limited announces recommended final cash offer by Sussex Bidco LP.
• The offer aims to acquire the entire issued and to be issued share capital of Industrials REIT.
• The scheme is subject to conditions, including Court sanction and delivery of the Scheme Court Order to the Guernsey Registry.

Guernsey-based company, Industrials REIT Limited, has recently announced a recommended final cash offer made by Sussex Bidco LP, a newly-formed limited partnership indirectly owned by investment funds advised by affiliates of Blackstone Inc. The offer aims to acquire the entire issued and to be issued share capital of Industrials REIT by means of a Court-sanctioned scheme of arrangement under Part VIII of the Companies (Guernsey) Law 2008, as amended.

The board of Industrials REIT Limited disclosed that the necessary resolutions to implement the recommended final cash offer were duly passed during a Court Meeting of Scheme Shareholders and General Meeting of Industrials Shareholders held on 31 May 2023. However, the scheme remains subject to certain conditions, including the Court’s sanction at the Court Hearing, expected to take place later today, and the delivery of a copy of the Scheme Court Order to the Guernsey Registry.

The financial terms of the Acquisition, as stated by Industrials REIT Limited, are final and will not be increased, except in cases where there is an announcement of a possible offer or a firm intention to make an offer for Industrials by any third party, or with the consent of the Panel.

Of particular note, it was revealed that Scheme Shareholders registered on the South African Register will receive the Cash Consideration payable to them under the Scheme in South African rand, converted at the GBP/Rand Exchange Rate. As of the date of this announcement, the GBP/Rand Exchange Rate stands at ZAR 23.365 for each GBP 1.00. Consequently, the Cash Consideration payable to these Scheme Shareholders of 168 pence per Scheme Share will be equivalent to ZAR 39.25320 (39 253.20 ZAR cents) per Scheme Share, subject to the Court’s sanction.

The full details of the Acquisition can be found in the Scheme Document, which was published by Industrials REIT Limited on 9 May 2023 and is available on the company’s website.