Property

Blackstone boosts property sector bets with $7.6 bln deal for PS Business Parks

April 25 (Reuters) – Blackstone Inc (BX.N) on Monday raised its bets on the property sector with a $7.6 billion deal to buy real estate investment trust (REIT) PS Business Parks (PSB.N).

Under the deal, affiliates of Blackstone Real Estate will pay shareholders of PS Business Parks $187.50 for each share they own, marking a premium of nearly 12% to the stock’s last closing price.

The deal announced by the two companies comes less than a week after the world’s biggest alternative asset manager announced a $12.8 billion deal for student housing company American Campus Communities Inc (ACC.N). read more

Blackstone had in December agreed to buy Bluerock Residential Growth REIT in a $3.6 billion deal.

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Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

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