UK's Warehouse REIT gains after rebuffing takeover proposal

Shares of Warehouse REIT WHRW.L rise as much as 20.2% to 101.9p, highest since June 2023

Stock top pct. gainer on FTSE Small Cap .FTSC index

The warehousing specialist on Monday rejected possible all-cash 110.5p/share offer from consortium of Blackstone Europe and Sixth Street Partners

Proposal, put forward on February 23, valued the property firm at 470 mln pounds ($597.5 mln)

Consortium's fourth-indicative proposal, which includes Q3 dividend of 1.6p/share, represents premium of 34.1% to stock's close on February 28

Shore Capital analyst Andrew Saunders says proposal fails to fully reflect full potential of the business, unique attractions of the multi-let industrial property market

Stock up ~25% YTD

($1 = 0.7866 pounds)