Blackstone to Buy Office and Industrial REIT for $7.6B

The blockbuster deal is expected to close in the third quarter of this year.

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Affiliates of private equity giant Blackstone have agreed to acquire PS Business Parks (PSB) for $7.6 billion. The all-cash deal will see Blackstone acquiring PSB’s 27 million-square-foot U.S. portfolio.

The blockbuster deal, which comes less than a year after Blackstone acquired WPT Industrial REIT for $3.2 billion, is expected to close in the third quarter of this year, according to the announcement. PSB’s 96-property portfolio includes industrial, office and multifamily properties located mostly in California, Florida, Texas, and Northern Virginia.

In prepared remarks, Blackstone Co-Head of Americas Acquisitions David Levine said his company is “excited” to acquire PSB’s portfolio and they “look forward to leveraging our expertise to provide the best possible service and experience for PSB’s customers.”


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PSB, a REIT launched in 1986, is a subsidiary of Public Storage Management Inc. The company made its name acquiring, developing, owning and operating commercial real estate properties, most of which are industrial. According to the firm’s website, 90 percent of PSB’s portfolio is industrial and industrial-flex space, 79 percent of which is located in coastal markets.

Notable properties within PSB’s portfolio include Miami International Commerce Center, a 3.5 million-square-foot campus that includes industrial, office and flex space and is home to more than 350 companies in Doral, Fla.; and Hayward Business Park, a 1 million-square-foot industrial campus in California’s Bay Area. The facility encompasses 8 buildings of light industrial/manufacturing and warehouse space with office.

PSB President & CEO Stephen Wilson said in a statement that he is “extremely proud” of his firm’s accomplishments.

“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,” said Wilson.

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