Brookfield Asset Management (NYSE: BAM, TSX: BAM) announced the completion of its $1.2 billion all-cash acquisition of Peakstone Realty Trust (NYSE: PKST).
El Segundo, California-based Peakstone offers a portfolio of more than 70 industrial assets, including industrial outdoor storage (IOS) and traditional industrial properties. Under the terms of the agreement, Peakstone shareholders received $21.00 per share in cash.
The acquisition was first announced in February. With its completion, Peakstone is now a privately held company and its shares no longer trade on the New York Stock Exchange.
“The completion of this acquisition marks an important milestone in strengthening Brookfield’s industrial real estate platform and deepening our exposure to the industrial outdoor storage sector,” said Lowell Baron, CEO of Brookfield Real Estate. “Peakstone’s management team assembled a premium portfolio that is strongly aligned with favorable long-term demand trends in logistics and IOS, and we see meaningful opportunities to enhance value by applying Brookfield’s operating expertise and capital resources across the portfolio.”
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