Warehouse REIT
Warehouse REIT is a United Kingdom property investment company focused on warehousing and logistics real estate.
Last updated August 26, 2026
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Overview
Warehouse REIT is a United Kingdom property investment company focused on owning and letting warehouse properties. The business was established by Tilstone Partners in June 2013 and became publicly investable when it joined the Alternative Investment Market of the London Stock Exchange in September 2017, raising £150 million. Its investment model centered on acquiring warehouse assets and leasing them to logistics, retail, distribution and other commercial occupiers rather than manufacturing goods or selling consumer products under a conventional brand. The company expanded materially through a series of portfolio acquisitions. In February 2018 it purchased 51 warehouses from Hansteen Holdings for £116 million. In April 2019 it added a warehouse in Northampton occupied by the John Lewis Partnership and another warehouse in Aberdeen leased to multiple tenants, with the two properties costing £37 million in aggregate. Warehouse REIT raised a further £150 million in July 2020 and began deploying that capital into additional warehouse purchases. In September of the same year, it acquired an Amazon fulfilment centre in Chesterfield from Tritax Big Box REIT for £57 million. A further £46 million was raised in February 2021, part of which funded the purchase of two warehouses in Harlow. The company was managed by Tilstone Partners and operated as a landlord to logistics and retail businesses. Its stated tenant base included Amazon, the John Lewis Partnership and DFS Furniture. This tenant profile reflected the wider role of the portfolio in supporting distribution, fulfilment and retail supply chains. As at 31 March 2023, the property portfolio was valued at approximately £0.8 billion. Warehouse REIT moved from the Alternative Investment Market to the London Stock Exchange's main market in July 2022. The move represented a further stage in its development as a listed real estate investment vehicle. In September 2025, investment company Blackstone acquired a controlling stake after an all-cash offer valued at £489 million was accepted by more than 51% of shareholders. The acquisition ended the company's status as an independently listed public vehicle, although the available reference material does not establish whether the Warehouse REIT name or legal entity continued as a separately branded operating platform after the transaction. Its principal identity is therefore that of a United Kingdom warehouse property investor and landlord, rather than a consumer-facing product brand.
History
Warehouse REIT was established by Tilstone Partners in June 2013 as a property investment company specializing in warehouse assets. Its business model was based on acquiring commercial warehouse properties and leasing them to logistics, retail and other business occupiers. Rather than operating warehouses itself, the company acted primarily as a landlord and investment vehicle. The company entered the public markets in September 2017, when it was admitted to the Alternative Investment Market of the London Stock Exchange and raised £150 million. Its first major expansion followed in February 2018, when it acquired a portfolio of 51 warehouses from Hansteen Holdings for £116 million. This transaction provided a substantial base of industrial properties and established the scale of the company's acquisition-led growth strategy. In April 2019, Warehouse REIT bought two further properties: a Northampton warehouse leased to the John Lewis Partnership and an Aberdeen warehouse occupied by multiple tenants. The combined purchase price was £37 million. The company continued to raise capital and invest during the following year. In July 2020 it raised another £150 million, which it began deploying into additional warehouse acquisitions. In September 2020 it purchased an Amazon fulfilment centre in Chesterfield from Tritax Big Box REIT for £57 million. Warehouse REIT raised a further £46 million in February 2021. Some of this capital was used to acquire two warehouses in Harlow, extending its geographic and tenant diversification. Its portfolio included properties occupied by major businesses such as Amazon, the John Lewis Partnership and DFS Furniture, alongside other logistics and retail tenants. The portfolio was valued at approximately £0.8 billion as at 31 March 2023. In July 2022, Warehouse REIT transferred from the Alternative Investment Market to the main market of the London Stock Exchange. This marked a change in its public-market listing status but did not alter its core focus on warehouse real estate. Tilstone Partners managed the company during its listed period. The company's listed history culminated in September 2025, when Blackstone acquired a controlling stake. The transaction followed an all-cash offer valued at £489 million that was accepted by more than 51% of shareholders. The acquisition removed Warehouse REIT from its previous position as an independently listed company. The supplied reference material does not provide further details about the post-acquisition corporate structure, management or whether the brand continued as a distinct entity.
- 2025
Blackstone acquisition
[1]Blackstone acquired a controlling stake after its £489 million all-cash offer was accepted by more than 51% of shareholders.
- 2022
Main-market listing
[1]Warehouse REIT moved from the Alternative Investment Market to the main market of the London Stock Exchange.
- 2021
Harlow warehouse acquisitions
[1]Following a £46 million capital raise, Warehouse REIT bought two warehouses in Harlow.
- 2020
Further equity raise and Chesterfield acquisition
[1]The company raised £150 million and acquired an Amazon fulfilment centre in Chesterfield for £57 million.
- 2019
Acquisition of Northampton and Aberdeen warehouses
[1]Warehouse REIT acquired two properties for £37 million, including a Northampton warehouse leased to the John Lewis Partnership.
- 2018
Acquisition of 51 warehouses
[1]The company bought 51 warehouses from Hansteen Holdings for £116 million.
- 2017
Alternative Investment Market admission
[1]Warehouse REIT joined the London Stock Exchange's Alternative Investment Market and raised £150 million.
- 2013
Company established
[1]Tilstone Partners established Warehouse REIT as a warehouse-focused property investment company.
Products and positioning
A specialist United Kingdom real estate investment vehicle focused on warehouse and logistics properties, with income generated primarily through leases to commercial tenants.
Commercial real estate · 2013
United Kingdom warehouse portfolio
Warehouse REIT's principal offering was its investment portfolio of warehouse and logistics properties across the United Kingdom. The company acquired properties and generated income by leasing them to commercial occupiers, including logistics, retail and distribution businesses. The portfolio included both individual facilities and larger groups of warehouses acquired through portfolio transactions.
Logistics property · 2020
Chesterfield Amazon fulfilment centre
This warehouse facility in Chesterfield was acquired from Tritax Big Box REIT in September 2020 for £57 million. It was let to Amazon and formed part of Warehouse REIT's strategy of owning large, income-producing logistics properties occupied by established distribution businesses.
Brand decisions
2025
Blackstone takeoverM&ABackground
Blackstone made an all-cash offer for Warehouse REIT after the company had built a substantial United Kingdom warehouse portfolio.
Action taken
Blackstone acquired a controlling stake after the offer, valued at £489 million, was accepted by more than 51% of shareholders.
Aftermath
The transaction ended Warehouse REIT's status as an independently listed public company, although the available material does not specify the subsequent corporate structure.
Offer value. £489 million (September 2025)
2022
Transfer to the main marketStrategyBackground
After operating on the Alternative Investment Market, Warehouse REIT changed its London Stock Exchange listing venue.
Action taken
The company moved to the main market of the London Stock Exchange.
Aftermath
The move increased the distinction between the company's earlier AIM period and its subsequent main-market listing period.
2017
Public-market launchStrategyBackground
Warehouse REIT sought public capital to support investment in United Kingdom warehouse properties.
Action taken
It joined the Alternative Investment Market and raised £150 million.
Aftermath
The admission provided the company with a listed platform for subsequent property acquisitions.
Capital raised. £150 million (September 2017)
Recent events
- 2025
Blackstone acquires controlling stake in Warehouse REIT[1]
M&A
Blackstone acquired control of Warehouse REIT after an all-cash offer valued at £489 million was accepted by more than 51% of shareholders.
- 2022
Warehouse REIT moves to the London Stock Exchange main market[1]
Other
Warehouse REIT transferred its listing from the Alternative Investment Market to the main market of the London Stock Exchange.
- 2021
Warehouse REIT raises £46 million and acquires Harlow warehouses[1]
Other · M&A
The company raised £46 million and used part of the proceeds to purchase two warehouses in Harlow.
- 2020
Warehouse REIT raises capital for further warehouse acquisitions[1]
Other
Warehouse REIT raised £150 million and began using the proceeds to acquire additional warehouse properties.
- 2020
Warehouse REIT buys Chesterfield Amazon fulfilment centre[1]
M&A
The company acquired an Amazon fulfilment centre in Chesterfield from Tritax Big Box REIT for £57 million.
- 2019
Warehouse REIT adds Northampton and Aberdeen properties[1]
M&A
The company bought a Northampton warehouse leased to the John Lewis Partnership and an Aberdeen warehouse occupied by several tenants for a combined £37 million.
- 2018
Warehouse REIT acquires 51 warehouses from Hansteen Holdings[1]
M&A
The company expanded its property portfolio through the £116 million acquisition of 51 warehouses from Hansteen Holdings.
- 2017
Warehouse REIT launches on the Alternative Investment Market[1]
Other
Warehouse REIT was admitted to the London Stock Exchange's Alternative Investment Market after raising £150 million.
Sources1 sources
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