Affiliates of Blackstone Real Estate plan to buy Glendale-based PS Business Parks Inc. for $187.50 a share in a cash deal totaling $7.6 billion. The price is roughly a 15% premium over PS Business Parks’ average share price for the last two months.
Under the deal, Blackstone will take ownership of about 27 million square feet of industrial and office properties, business parks and rental housing properties located in California, Miami, Texas and Northern Virginia.
The company’s largest shareholder, Public Storage, which owns about 26% of the shares, has agreed to vote in favor of the transaction, according to the statement. PS Business Parks started as a spinoff of Public Storage.
“We are excited to add PS Business Parks’ business park, office and industrial assets to our portfolio and look forward to leveraging our expertise to provide the best possible service and experience for PSB’s customers,” said David Levine,…
