PSB - Why PS Business Parks Stock Rallied 13% Today
Shares of PS Business Parks (NYSE: PSB) , a real estate investment trust (REIT) that owns industrial, office, and apartment properties, rose a dramatic 13% on Monday. The big news was the pre-market announcement that the REIT had agreed to be taken private.
Affiliates of Blackstone (NYSE: BX) have agreed to purchase the outstanding shares of PS Business Parks for $187.50 in an all-cash deal. This comes roughly a week after affiliates of the giant asset manager agreed to buy American Campus Communities in a roughly $13 billion deal. The PS Business Parks transaction reflects a 15% premium to the REIT's average value over the previous 60 days. The board of directors has approved the deal, and it is being supported by Public Storage , which owns nearly 26% of the REIT.
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Why PS Business Parks Stock Rallied 13% Today