Commercial and Multifamily Briefs April 28, 2022

Commercial and multifamily Briefs from Blackstone Real Estate, PS Business Parks and Goldman Sachs Asset Management.

Blackstone Real Estate to Acquire PS Business Parks for $7.6 Billion
Blackstone, New York, agreed to acquire PS Business Parks, Glendale, Calif., for $187.50 per share in a $7.6 billion all-cash transaction.

The purchase price represented a 15 percent premium to the volume weighted-average share price over the last 60 days.

Under the terms of the agreement, which has been unanimously approved by PSB’s Board of Directors, Blackstone will acquire PSB’s 27 million square foot portfolio of industrial, business park, traditional office and multifamily properties located primarily in California, Miami, Texas and northern Virginia.

The firms expect the transaction to close in the third quarter.

Goldman Sachs Asset Management Raises $3.5 Billion for Real Estate Investment Partners Program
Goldman Sachs Asset Management, New York, raised $3.5 billion for its Real Estate Investment Partners program from a group of institutional and high net worth investors.

The firm said REIP will invest with a global mandate, focusing on core-plus and value-add opportunities in real estate, and has made a number of investments in sectors including logistics, residential and office buildings.

REIP is managed by the real estate business within Goldman Sachs Asset Management – one of the largest real estate platforms globally with over $50 billion in capital invested since 2012 across opportunities from core to opportunistic, in both credit and equity.