The Clap
Alternative investing firm Blackstone (NYSE: BX) will buy real estate investment trust (REIT) PS Business Parks (NYSE: PSB) for $7.6 billion.
Claps Class
A real estate investment trust (REIT) is a publicly-traded company that owns, operates, &/or finances income-producing properties such as office & apartment buildings, warehouses, hospitals, shopping centers, & hotels.
More on PS Business Parks
PSB acquires, develops, owns, & operates commercial properties, primarily multi-tenant industrial, flex, & office space. The deal is expected to close in Q3-2022.
The deets
Blackstone will take PSB private at $187.5/share, a 12% premium to its closing price last Friday.
Why this matters
Blackstone is the world’s largest real estate investor. This is its third REIT acquisition in 2022 & second in two weeks since it acquired American Campus Communities for $12.8 billion last week. Mergers & acquisitions (M&A) involving REITs have thrived since the pandemic began, with 2021 being a record year for M&As involving REITs.
