**Brookfield to Acquire Peakstone Realty Trust in $1.2 Billion Deal**
Brookfield Asset Management and Peakstone Realty Trust, an industrial REIT specializing in the industrial outdoor storage (IOS) sector, announced on Monday a definitive agreement under which a Brookfield private real estate fund will acquire all outstanding shares of Peakstone for $21.00 per share in an all-cash transaction.
The deal represents an implied enterprise value of approximately $1.2 billion and is anticipated to close in the second quarter of the year.
Peakstone CEO Michael Escalante commented on the transaction, stating, “This deal recognizes 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, described the acquisition as “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.”
Peakstone completed its exit from the office property sector in December. Its current portfolio is comprised of 60 IOS properties and 16 traditional industrial assets.
