Blackstone is buying NYSE-listed real estate investment trust PS Business (PSB) Parks for $7.6bn (€6.6bn).

Blackstone’s real estate business is offering to buy PSB’s shares at $187.50 each. Public Storage, which holds approximately 25.9% of the outstanding shares of PSB common stock, has agreed to vote its shares in favour of the deal.

PSB 96 US properties including 800 residential units. The company’s portfolio comprises 27m sqft of industrial, business park, traditional office, and multifamily properties located primarily in California, Miami, Texas and Northern Virginia.

Stephen W Wilson, the president and CEO of PS Business Parks, said: “This 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.”

David Levine, co-head of Americas acquisitions for Blackstone Real Estate, said: “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.”

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