PS Business Parks Inc (NYSE:PSB) shares are trading higher Monday after the company announced it will be acquired by affiliates of Blackstone Real Estate for $7.6 billion.
PS Business Parks entered into a definitive agreement to be acquired by Blackstone Real Estate affiliates for $187.50 per share in an all-cash transaction. Under terms of the agreement, Blackstone will acquire the company's 27 million square foot portfolio of industrial, business park, traditional office and multifamily properties located primarily in California, Miami, Texas and Virginia. The transaction is expected to close in the third quarter.
PS Business Parks is a REIT that acquires, develops, owns and operates commercial properties, predominantly multi-tenant industrial, industrial-flex and low-rise suburban office space.
PSB 52-Week Range: $147.02 - $189.23
According to data from Benzinga Pro, the stock was up 12.1% at $187.94 at press time.
Photo: courtesy of PS Business Parks.
