Affiliates of Blackstone Real Estate have plans to acquire PS Business Parks in an all-cash transaction valued at approximately $7.6 billion.
Under the terms of the agreement, which has been unanimously approved by PSB’s Board of Directors, Blackstone will acquire PSB’s 27 million-square-foot portfolio of industrial, business park, traditional office and multifamily properties located primarily in California, Miami, Texas and Northern Virginia.
The transaction is expected to close in third quarter 2022.
Blackstone collected $17 billion of inflows for its real estate portfolio in first quarter 2022 and $83.7 billion during the past 12 months, according to a recent earnings report.
Of the capital raised, the firm secured $9.8 billion for Blackstone Real Estate Income Trust (BREIT), $1.9 billion across Blackstone Property Partners (BPP), $1.