Blackstone Buying REIT PS Business Parks for $7.6B
By Nicholas Rizzi April 25, 2022 5:41 pm
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Another week, another billion-dollar Blackstone deal.
The asset management firm, through its affiliate Blackstone Real Estate, agreed to buy real estate investment trust PS Business Parks (PSB) for $7.6 billion in an all-cash deal, the companies announced Monday.
Blackstone will take over PSB’s 27 million-square-foot portfolio of industrial, business park, office and multifamily assets spread across California, Miami, Texas and Northern Virginia.
“We are excited to add PS Business Parks’ business park, office and industrial assets to our portfolio and look forward to leveraging our expertise to provide the best possible service and experience for PSB’s customers,” Blackstone Real Estate’s David Levine said.
The deal — which was unanimously approved by PSB’s board of directors — is expected to close in the third quarter and also includes a “go-shop” period until May 25 when PSB can try to seek other offers, according to the firms.
“This transaction is an exceptional outcome for our stockholders and a testament to the incredible company and portfolio of high-quality assets our team has built, acquired and enhanced over the years,” Stephen Wilson, president and CEO of PSB, said in a statement.
Blackstone’s acquisition of PSB comes days after it agreed to acquire student housing developer American Campus Communities for $12.8 billion and the closing of a new $1.6 billion fund focused on the life sciences sector.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
