The Blackstone Group, an American alternative investment management company, completed the acquisition of Industrials REIT, a listed property company focusing on UK multi-let industrial estates, for £511m. The Board of Industrials REIT has indicated to Blackstone that it intends to recommend the financial terms of the final offer to Industrials REIT shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such terms.