Blackstone paying $7.6 billion for PS Business Parks

PS Business Parks Inc. shares jumped 11% in premarket trades on Monday after it agreed to be acquired by Blackstone Inc.'s real estate unit in a deal valued at $7.6 billion. Blackstone will pay $187.50 a share, a premium of 15% over the PB Business Parks volume weighted average share price over the last 60 days. Blackstone is buying PSB's 27 million square foot portfolio of industrial, business park, traditional office, and multifamily properties mostly in California, Miami, Texas and Virginia. The deal includes a go-shop period that will expire on May 25 to consider other offers. Public Storage , holder of about 25.9% of the outstanding PSB shares, will vote its shares in favor of the transaction, which expected to close in the third quarter. David Levine, co-head of Americas acquisitions for Blackstone Real Estate, led the deal. Shares of PS Business Parks are down 9% so far in 2022, compared to 10.4% loss by the S&P 500 .

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