Brookfield Asset Management is acquiring listed US industrial real estate investment trust Peakstone Realty Trust in a $1.2bn (€1bn) take-private deal.
Brookfield is offering shareholders of the NYSE-listed industrial outdoor storage (IOS) firm $21 per share in cash, a 34% premium over the stock’s last closing price.
Peakstone, which completed the disposal of its office assets in December 2025 to finalise its transformation into a pure-play industrial REIT, now manages a 76-property portfolio. This includes 60 IOS assets and 16 traditional industrial properties.
Michael Escalante, chief executive officer of Peakstone, said: “We are pleased to enter into this agreement with Brookfield, which will deliver significant value to Peakstone shareholders.
“Following an offer from Brookfield, our board of trustees evaluated the proposed transaction with the assistance of external advisers and determined that it achieves the best value and other terms reasonably available for shareholders and is in the best interests of the company.
“This transaction recognises the value of our industrial portfolio and the progress we have made expanding our IOS platform.”
Lowell Baron, CEO of Brookfield’s real estate business, said: “This acquisition is an exciting opportunity to expand Brookfield’s industrial real estate platform with Peakstone’s high-quality and well-diversified portfolio, which will benefit from strong long-term fundamentals for the warehouse and IOS sectors.”
The all-cash transaction represents an implied enterprise value of approximately $1.2bn.
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