
Blackstone to Acquire PS Business Parks in $7.6B Deal
PS Business Parks, Inc. (PSB) and Blackstone have entered into a definitive agreement under which affiliates of Blackstone Real Estate will acquire all outstanding shares of common stock of PSB for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion.
Blackstone will acquire PSB’s 27-million-square foot portfolio of industrial, business park, traditional office and multifamily properties located primarily in California, Miami, Texas and Northern Virginia.
“I am extremely proud of everything we have accomplished at PS Business Parks,” said Stephen W. Wilson, Glendale, CA-based PSB’s president and CEO. “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.”
David Levine, co-head of Americas acquisitions for Blackstone Real Estate, added, “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.”
The transaction is Blackstone’s second acquisition of a REIT in as many weeks, following its $12.8-billion deal for American Campus Communities.
- ◦Sale/Acquisition