Blackstone, PS Business Parks enter merger agreement

Blackstone has entered into a definitive agreement to acquire PS Business Parks (PSB) – a REIT that acquires, develops, owns and operates commercial properties in coastal markets.

Under the terms of the agreement, affiliates of Blackstone Real Estate will purchase all outstanding shares of common stock of PSB for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion, including transaction expenses. Blackstone will also acquire PSB’s 27 million square foot portfolio of industrial, business park, traditional office, and multifamily properties located in California, Miami, Texas, and Northern Virginia.

Commenting on the merger, PSB president and CEO Stephen Wilson said the 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.”