Blackstone Real Estate Affiliates to Acquire PS Business Parks for USD 7.6bn.
MANews-(C)2009-2022
US-based real estate investment trust PS Business Parks, Inc. (NYSE: PSB) and US-based investment firm Blackstone (NYSE: BX) have entered into a definitive agreement under which affiliates of Blackstone Real Estate will acquire all outstanding shares of common stock of PSB for USD 187.50 per share in an all-cash transaction valued at approximately USD 7.6bn, the firms said.
PS Business Parks, Inc is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space.
Located primarily in major coastal markets, PS Business Parks' 96 properties serve approximately 4,900 tenants in 27m square feet of space as of March 30, 2022.
The portfolio also includes 800 residential units (inclusive of units in-process).
The purchase price represents a premium of approximately 15% to the volume weighted average share price over the last 60 days.
Under the terms of the agreement, which has been unanimously approved by PSB's board of directors, Blackstone will acquire PSB's 27 m square foot portfolio of industrial, business park, traditional office, and multifamily properties located primarily in California, Miami, Texas and Northern Virginia.
The transaction is expected to close in 3Q22, subject to approval by PSB's stockholders and other customary closing conditions.
The merger agreement includes...
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