Blackstone acquires U.S. property investment group PS Business Parks for $7.6 billion

PS Business Parks owns 96 industrial and commercial properties in the U.S., with approximately 27 million square feet of floor space and 4,900 tenants, and another 800 residential units for lease.

On April 26, the real estate investment arm of BlackRock, the world's largest alternative investment giant, agreed to acquire U.S. property investment group PS Business Parks for $7.6 billion, reflecting the company's continued expansion of its real estate investments in the United States.

BlackRock offered $187.50 per share in cash, while PS Business Parks rose to $187.95, or 12 percent after the market opened Monday. BlackRock shares fell 3.6 percent to $106.66.

PS Business Parks owns 96 industrial and commercial properties in the U.S., with about 27 million square feet of floor space and 4,900 tenants; there are another 800 rental residences.

As reported earlier by Viewpoint New Media, on April 20, Blackstone, the real estate investment arm of U.S. private equity fund Blackstone, spent $12.8 billion to acquire American Campus Communities (ACC), a student housing operating group.

Blackstone Real Estate Income Trust (BREIT) and its affiliate, Blackstone Property Partners, offered to buy ACC for $65.47 per share in cash, a 14% premium to ACC's last closing price. ACC owns 166 properties in the United States, concentrated in 71 university campuses.

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