Blackstone emerged last month as the winner of a year-long takeover battle for UK industrial landlord Warehouse REIT after knocking out rival suitor Tritax Big Box with a £489 million ($656 million; €562 million) bid. But as it turns out, that was not the end of the Blackstone-Tritax saga.

In a surprise twist this week, the rivals became partners when Blackstone announced an agreement to sell a £1 billion UK logistics portfolio to Tritax, just weeks after Tritax bowed out of its pursuit of Warehouse REIT. For an added level of intrigue, the deal reportedly involves both cash and Tritax stock, meaning Blackstone will hold an 8.6 percent stake in Tritax Big Box after the deal.

What should the industry make of this sequence of events, and what does it suggest about US private real estate managers’ ongoing push into the UK-listed property market?

This episode breaks it all down. Listen as host Greg Dool gets the latest from PERE Deals reporter Sarah Marx, who has covered the saga’s every turn, and PEI real estate editor-in-chief Jonathan Brasse, who offers his perspective on the affair and how it compares to a similar dalliance between Brookfield Asset Management and UK REIT Segro last year.

Later in the episode, Marx sits down with Matthew Norris, head of real estate securities at London-based manager and REIT investor Gravis Capital, for his take on the story and the growing number of takeover battles between private equity and publicly listed REITs.