© Reuters. FILE PHOTO: Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly
(Reuters) -Blackstone Inc on Monday raised its bets on the property sector with a $7.6 billion deal to buy real estate investment trust (REIT) PS Business Parks (NYSE:).
Under the deal, affiliates of Blackstone (NYSE:) Real Estate will pay shareholders of PS Business Parks $187.50 for each share they own, marking a premium of nearly 12% to the stock’s last closing price.
The deal announced by the two companies comes less than a week after the world’s biggest alternative asset manager announced a $12.8 billion deal for student housing company American Campus (NYSE:) Communities Inc.
Blackstone had in December agreed to buy Bluerock Residential Growth (NYSE:) REIT in a $3.6 billion deal.
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