Private equity heavyweight Brookfield Asset Management is moving to pull Peakstone Realty Trust off the public markets in a $1.2 billion transaction that underscores intensifying interest in industrial real estate.
Brookfield, advised by Gibson Dunn & Crutcher LLP, announced Monday that one of its private real estate funds has agreed to buy Peakstone in an all-cash deal valued at $21 per share.
The agreement marks a decisive step in reshaping Peakstone’s future — and expanding Brookfield’s industrial footprint.
A 34% Premium for Shareholders
Under the terms disclosed Monday, Brookfield will acquire all outstanding shares of Peakstone for $21 in cash per share. The price represents a 34% premium over Peakstone’s closing stock price on Friday, the last full trading day before the deal was revealed.
Once completed, the transaction will result in Peakstone delisting from the New York Stock Exchange and transitioning into a privately held company.
Peakstone CEO Michael Escalante said the board conducted a thorough review of the offer with the help of outside advisers before signing off on the agreement.
“We are pleased to enter into this agreement with Brookfield, which will deliver significant value to Peakstone shareholders,” Escalante said. He added that the board determined the deal delivers the best value and terms reasonably available and serves the company’s best interests.
Escalante also said the transaction reflects the strength of Peakstone’s industrial holdings and the strides the company has made in building out its industrial outdoor storage platform.
