Affiliates of Blackstone Real Estate Complete $7.6 Billion Acquisition of PS Business Parks, Inc.
Summary
GLENDALE, Calif. & NEW YORK--(BUSINESS WIRE)--Blackstone (NYSE: BX) today announced that affiliates of Blackstone Real Estate have completed the previously announced acquisition of all of the outstanding shares of common stock of PS Business Parks, Inc. (“PSB”) for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion, including transaction expenses. BofA Securities, Citigroup Global Markets Inc., Barclays, Morgan Stanley & Co. LLC and Societe Generale served as Blackstone’s financial advisors. Located primarily in major coastal markets, PS Business Parks’ 93 properties serve approximately 4,800 tenants in 27 million square feet of space as of June 30, 2022. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).