Blackstone Inc on Monday raised its bets on the property sector with a $7.6 billion deal to buy real estate investment trust (REIT) PS Business Parks.
Under the deal, affiliates of Blackstone Real Estate will pay shareholders of PS Business Parks $187.50 for each share they own, marking a premium of nearly 12% to the stock's last closing price.
The deal announced by the two companies comes less than a week after the world's biggest alternative asset manager announced a $12.8 billion deal for student housing company American Campus Communities Inc.
Blackstone had in December agreed to buy Bluerock Residential Growth REIT in a $3.6 billion deal.
(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)