Affiliates of non-public fairness large Blackstone have agreed to acquire PS Organization Parks (PSB) for $7.6 billion, the two companies declared now. The all-funds deal will see Blackstone buying PSB’s 27 million-sq.-foot U.S. portfolio.
The blockbuster offer, which arrives significantly less than a yr just after Blackstone obtained WPT Industrial REIT for $3.2 billion, is anticipated to near in the third quarter of this year, according to the announcement. PSB’s 96-house portfolio contains industrial, business office and multifamily qualities located generally in California, Miami, Fla., Texas, and Northern Virginia.
In well prepared remarks, Blackstone Co-Head of Americas Acquisitions David Levine said his business is “excited” to purchase PSB’s portfolio and they “look ahead to leveraging our experience to supply the most effective possible provider and practical experience for PSB’s consumers.”
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PSB, a REIT launched in 1986, is a subsidiary of General public Storage Administration Inc. The firm created its title acquiring, building, possessing and functioning business real estate attributes, most of which are industrial. In accordance to the firm’s web-site, 90 p.c of PSB’s portfolio is industrial and industrial-flex room, 79 p.c of which is positioned in coastal marketplaces.
Noteworthy homes in PSB’s portfolio consist of Miami Intercontinental Commerce Middle, a 3.5 million-sq.-foot campus that consists of industrial, business office and flex room and is residence to far more than 350 companies in Doral, Fla. and Hayward Business Park, a 1 million-square-foot industrial campus in California’s Bay Spot. The facility encompasses 8 properties of light industrial/manufacturing and warehouse house with office environment.
PSB President & CEO Stephen Wilson explained in a assertion that he is “extremely proud” of his firm’s achievements.
“This transaction is an remarkable consequence for our stockholders and a testament to the outstanding business and portfolio of significant-high-quality assets our crew has designed, acquired and enhanced over the decades,” stated Wilson.