Brookfield Asset Management, the Canada Pension Plan Investment Board (CPP Investments) and LXP Industrial Trust have announced that they have entered into a definitive merger agreement under which Brookfield and CPP Investments will acquire LXP in an all-cash transaction valued at approximately $5.2 billion, including outstanding debt.
LXP owns one of the largest portfolios of modern warehouse and logistics facilities in the United States, comprising approximately 53 million square feet across 108 properties in attractive industrial markets in the Sun Belt and Midwest. The portfolio is characterized by modern assets, strong occupancy and long-duration leases that generate durable cash flows and is well positioned to benefit from the demand for high-quality, well-located logistics properties.
Under the terms of the definitive merger agreement, LXP shareholders will receive $61.20 per share in cash, which represents a 12.3 percent premium to LXP’s 30-day volume-weight
