Blackstone agreed to buy real estate investment trust PS Business Parks for $7.6bn, 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.
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.
Blackstone has already agreed to buy three REITs this year alone. Last week, it struck a deal to acquire student housing REIT American Campus Communities Inc in a $12.8 billion deal.
Read more: Reuters
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