Affiliates of Blackstone Real Estate have completed the previously announced acquisition of all of the outstanding shares of common stock of PS Business Parks for $187.50 per share in an all-cash transaction valued at approximately $7.6 billion.
Simpson Thacher & Bartlett LLP served as Blackstone’s legal counsel. BofA Securities, Citigroup Global Markets Inc., Barclays, Morgan Stanley & Co. LLC and Societe Generale served as Blackstone’s financial advisors. J.P. Morgan Securities LLC acted as lead financial advisor to PS Business Parks and provided a fairness opinion to the PS Business Parks board of directors in connection with the transaction.
Eastdil Secured acted as real estate advisor to PS Business Parks and also acted as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz served as PS Business Parks’ legal advisor.