U.S. private equity giant Blackstone has handed a mandate to Kirkland & Ellis to explore its options for a £1.2 billion takeover of U.K. FTSE 250 property developer St Modwen.

In a statement issued on Friday, Birmingham-headquartered St Modwen’s board said it had “indicated to Blackstone that the possible offer is at a value the board would be willing to recommend unanimously”, should the takeover offer be formalised.