Blackstone to buy PS Business Parks in $7.6 billion take-private deal
April 25, 2022 | Reuters
Blackstone Inc (BX.N) on Monday agreed to buy real estate investment trust (REIT) PS Business Parks (PSB.N) for $7.6 billion, including debt, as dealmaking activity in the real estate sector continues to thrive in the aftermath of the COVID-19 pandemic.
As part of the take-private deal, Blackstone said its real estate affiliates will pay $187.50 cash to shareholders of PS Business Parks, representing a 12% premium from the stock’s closing price last week.
California-headquartered PS Business Parks operates a portfolio of industrial, business parks, office buildings, and multifamily properties located across California, Florida, Texas and northern Virginia.
Mergers and acquisitions (M&A) activity involving REITs reached a record high in 2021, driven by a robust U.S. housing market, availability of cheap capital from low interest rates, and strong economic recovery from the pandemic.
