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.

Industrial Portfolio at the Center of the Deal

Peakstone operates as an industrial real estate investment trust focused on industrial outdoor storage, a niche that has gained traction as supply chains evolve and logistics networks stretch across continents.

The company’s portfolio spans 76 industrial properties. Of those, 60 are industrial outdoor storage assets and 16 are traditional industrial properties.

Last year, Peakstone completed the sale of all its office properties, effectively completing its pivot to become an industrial-only REIT. That transformation sharpened its focus — and appears to have heightened its appeal.

Lowell Baron, CEO of Brookfield’s real estate business, described the acquisition as a strategic expansion.

“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 industrial outdoor storage sectors,” Baron said.

Go-Shop Window and Timeline

The agreement includes a 30-day “go-shop” period, expiring March 4, during which Peakstone may actively seek and evaluate alternative acquisition proposals.

Absent a superior bid, the companies expect the deal to close by the end of the second quarter of 2026, subject to customary closing conditions.

Brookfield’s legal team is led by Gibson Dunn partners Drew Flowers, Brian Scrivani and David Perechocky. Full details regarding the Latham & Watkins LLP team advising Peakstone were not immediately available Monday.

With this move, the phrase Brookfield to Acquire Peakstone becomes more than a headline — it signals another major bet on the warehouses and storage yards that quietly power the modern economy, where steel, concrete and logistics strategy intersect behind the scenes of everyday commerce.