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Blackstone Agrees to Buy PS Business Parks for $7.6 Billion

  • California-based company owns a variety of property assets
  • Deal is latest real estate acquisition by New York firm
Updated on

Blackstone Inc. agreed to buy PS Business Parks Inc. for about $7.6 billion, expanding its bets on real estate across the U.S.

Affiliates of Blackstone Real Estate will buy Glendale, California-based PSB for $187.50 a share in cash, according to a statement Monday. The price is roughly a 12% premium to PSB’s closing price on Friday.