Blackstone cools on bid for self-storage group Big Yellow

One of the world's largest existent property investors is cooling connected the imaginable of a multibillion-pound takeover bid for Big Yellow Group, the London-listed relation of self-storage facilities.

Sky News has learnt that Blackstone is earnestly contemplating abandoning its involvement successful a woody up of a December 8 deadline - imposed by the Takeover Panel - to denote a steadfast connection oregon locomotion away.

City sources said connected Monday that Blackstone, which is said to person been moving connected its involvement with the Canada Pension Plan Investment Board (CPPIB), had yet to marque a last determination astir a Big Yellow offer.

However, the self-storage company's cardinal executives are said to beryllium keen to extract an connection worthy astatine slightest £14-a-share.

Big Yellow shares were trading astatine astir £11.54, giving the institution a marketplace capitalisation of astir £2.3bn.

Analysts and investors had concluded that past week's Budget connection from the chancellor, Rachel Reeves, had paved the mode for Blackstone to steadfast up its involvement and lodge a ceremonial bid - an result which could inactive materialise, taxable to further discussions.

However, a withdrawal is present said to beryllium the likeliest outcome, according to insiders.

Blackstone's deliberations astir a takeover travel weeks aft it committed to investing £100bn successful the UK system successful the coming years, reflecting its presumption arsenic 1 of the astir prolific buyers of British-based companies and assets.

Among its existing UK portfolio is the NEC league and accumulation centre, the Legoland genitor institution Merlin Entertainments, and IQSA, a supplier of pupil accommodation.

On Monday afternoon, Blackstone declined to comment, portion Big Yellow has been contacted for comment.