Tilstone founded Warehouse REIT, seeded it, floated it, grew it past £1 billion — and delivered a £489m all-cash exit to Blackstone. One asset class, one discipline, a complete cycle. This is the work we do.
In 2013 we set out to build the UK’s leading multi-let warehouse business. By 2025 we had done exactly that — and sold it, at scale, to the world’s largest real-estate investor.
Tilstone Partners conceived Warehouse REIT, assembled its seed portfolio, listed it on the London Stock Exchange, and acted as its investment advisor and asset manager for the entire eight-year journey. We bought well, managed relentlessly, recycled capital with discipline, and timed a clean exit. The arc below is the proof of what active management of UK multi-let warehouses can deliver.
Every raise, every milestone, every turn of the cycle — underwritten against the occupier of the future.
A specialist manager set up to do one thing — acquire and actively manage the multi-let urban warehouses British business depends on. The Tilstone Property Portfolio begins to take shape.
Listed on AIM at 100p per share in September 2017, raising £150m — seeded with Tilstone’s 27-asset, £108.9m portfolio. Tilstone is appointed investment advisor and asset manager.
The 51-warehouse IMPT portfolio is acquired from Hansteen for £116m, almost doubling the estate inside a year of listing.
A 336,000 sq ft John Lewis facility and the eight-asset Echelon portfolio (£70m) join the estate, funded by a £76m equity raise.
A 501,000 sq ft Amazon fulfilment centre is acquired for £57m alongside £80m of further warehouses, supported by a £153m raise.
Gross asset value reaches £1,012.0m at 31 March 2022 — over £1 billion for the first time — on 19.4% like-for-like valuation growth. EPRA NTA peaks at 173.8p. The REIT is promoted from AIM to the Main Market of the London Stock Exchange.
A 131bp outward yield shift cuts the portfolio 18.5% to £828.8m. Tilstone responds — a £320m refinancing is agreed and a disciplined disposal programme begins, selling at or above book value.
Capital recycled at or above book; rental growth runs 24–37% ahead of prior passing rents as lease events are captured estate by estate.
After a competitive process against Tritax Big Box, Blackstone acquires Warehouse REIT for £489m all-cash at 115p per share (September 2025). A complete cycle — from a standing start to a £489m exit.
By 31 March 2022 the portfolio had crossed £1 billion for the first time, valued at £1,012.0m. It was the product of five years of forensic acquisition and relentless asset management — not a single transaction, but a programme.
The REIT’s elevation from AIM to the Main Market that summer reflected its scale and the institutional quality of its income. Even as the 2022–23 rate shock re-priced the whole sector, the underlying business kept compounding rent — which is what made the eventual exit possible at the price it achieved.
In 2025 Warehouse REIT became the subject of a public takeover battle — and Tilstone’s work was valued at £489m in cash.
Blackstone and Tritax Big Box competed through the spring and summer of 2025. After a series of offers and counter-offers, Blackstone’s recommended, increased bid prevailed and Tritax withdrew.
The final offer valued Warehouse REIT at £489m. It became unconditional in September 2025, and the company was taken private and folded into Blackstone’s European logistics platform.
Listed at 100p in 2017. Acquired at 115p in 2025 — with a dividend paid in every year in between. A full cycle, returned to shareholders in cash.
The full arc — from the 2017 float to the 2025 acquisition — covered by the financial and property press.
The float that launched Warehouse REIT.
City AM · 2017The thesis, set out at listing.
Property WeekActive management compounding the estate.
Property Week · 2025The takeover battle, decided.
Bloomberg · Sept 2025The exit, confirmed.
IPE Real Assets · 2025The winning bid.
Headlines link to external coverage from the original publishers. Figures on this page are drawn from Warehouse REIT’s publicly reported results and regulatory announcements; portfolio metrics at exit are stated as at 31 March 2025.
We built it once. We’ll do it again.
The same team, the same forensic discipline — now building the next portfolio with new capital partners. If you’re an institutional investor, capital partner or landowner, we’d like to talk.