Affiliates of Blackstone have agreed to acquire PS Business Parks for $7.6 billion, a deal that follows on the heels of Blackstone's recent announcement that it was acquiring ACC.
PS Business Parks' shares will trade for $187.50 per unit in the all-cash transaction, a premium of approximately 15% to the volume weighted average share price over the last 60 days.
Under the deal Blackstone will acquire a 27 million square foot portfolio of industrial, business park, traditional office, and multifamily properties located primarily in California, Miami, Texas and Northern Virginia.
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The transaction is expected to close in the third quarter of 2022, subject to approval by PSB's stockholders and other customary closing conditions.
The merger agreement includes a "go-shop" period that will expire on May 25, 2022.
Simon Thacher & Bartlett LLP is serving as Blackstone's legal counsel. J.P. Morgan Securities LLC is acting as lead financial advisor to PSB and provided a fairness opinion to the PSB board of directors in connection with the transaction. Eastdil Secured is acting as real estate advisor to PSB and is also acting as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz is serving as PSB's legal advisor.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
