Blackstone boosts property sector bets with $7.6 billion deal for PS Business Parks
2022.04.25 16:26
FILE PHOTO: Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly
(Reuters) -Blackstone Inc on Monday raised its bets on the property sector with a $7.6 billion deal to buy real estate investment trust (REIT) PS Business Parks (NYSE:PSB).
Under the deal, affiliates of Blackstone (NYSE:BX) Real Estate will pay shareholders of PS Business Parks $187.50 for each share they own, marking a premium of nearly 12% to the stock’s last closing price.
The deal announced by the two companies comes less than a week after the world’s biggest alternative asset manager announced a $12.8 billion deal for student housing company American Campus (NYSE:ACC) Communities Inc.
Blackstone had in December agreed to buy Bluerock Residential Growth (NYSE:BRG) REIT in a $3.6 billion deal.
