© Reuters.
By Sam Boughedda
Investing.com — PS Business Parks Inc (NYSE:) shares soared 12.3% on Monday after it announced that it has entered into an agreement to be acquired by affiliates of Blackstone (NYSE:) Real Estate for $7.6 billion.
Blackstone Real estate will acquire all outstanding shares of the real estate investment company for $187.50 per share.
The terms of the agreement include Blackstone acquiring PSB’s 27 million square foot portfolio of industrial, business park, traditional office, and properties. The transaction is expected to close in the third quarter of 2022, and the $7.6 billion acquisition price includes transaction expenses.
“I am extremely proud of everything we have accomplished at PS Business Parks,” said Stephen Wilson, president and chief executive officer of PSB.
“This transaction is an exceptional outcome for our stockholders and a testament to the incredible company and portfolio of high-quality assets our team has built, acquired and enhanced over the years,” Wilson added.
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