Brookfield Asset Management and Peakstone Realty Trust announced they have entered into a definitive agreement under which a Brookfield private real estate fund will acquire all outstanding shares of Peakstone for $21.00 per share in cash, valuing the transaction at an implied enterprise value of approximately $1.2 billion.
Peakstone, an industrial real estate investment trust with a strategic focus on industrial outdoor storage, said the deal follows a board review of Brookfield’s offer with external advisors and is intended to deliver value to shareholders. Brookfield said the acquisition would expand its industrial real estate platform by adding Peakstone’s portfolio and positioning it to benefit from what Brookfield described as strong long-term fundamentals for warehouse and industrial outdoor storage sectors.
The companies said the $21-per-share purchase price represents a 34% premium to Peakstone’s closing share price on January 30, 2026, the last full trading day before the announcement. They also cited premiums of 46% to the company’s 30-day volume weighted average price and 51% to its 90-day volume weighted average price for the period ended January 30, 2026.
Peakstone highlighted its recent repositioning, noting that it completed the disposition of all office properties in December 2025 and has transitioned into an industrial-only REIT. The company’s portfolio comprises 76 industrial properties, including 60 outdoor storage properties and 16 traditional industrial properties.
The transaction has been unanimously approved by Peakstone’s board and is expected to close by the end of the second quarter of 2026, subject to customary closing conditions, including shareholder approval. The definitive agreement includes a 30-day go-shop period that expires at 11:59 p.m. New York City time on March 4, 2026, during which Peakstone may solicit and consider alternative proposals. Peakstone said it does not plan to provide updates on the solicitation process unless its board determines disclosure is appropriate or required.
As a condition to the transaction, Peakstone agreed to suspend its regular quarterly dividend immediately until the earlier of closing or termination of the agreement. The outside date in the agreement is August 2, 2026, and upon completion, Peakstone’s shares would no longer trade on the New York Stock Exchange, and the company would become privately held.
Peakstone also said it plans to release fourth-quarter and full-year 2025 financial results in late February 2026, but will not host a conference call or webcast due to the pending transaction.
Support: BofA Securities is serving as Peakstone’s exclusive financial advisor, with Latham and Watkins as legal advisor. Citigroup Global Markets is serving as Brookfield’s financial advisor, with Gibson Dunn and Crutcher as legal advisor.
KEY QUOTES
“We are pleased to enter into this agreement with Brookfield, which will deliver significant value to Peakstone shareholders. Following an offer from Brookfield, our Board of Trustees evaluated the proposed transaction with the assistance of external advisors and determined that it achieves the best value and other terms reasonably available for shareholders and is in the best interests of the Company. This transaction recognizes the value of our industrial portfolio and the progress we have made expanding our IOS platform.”
Michael Escalante, Chief Executive Officer, Peakstone Realty Trust
“This acquisition is an exciting opportunity to expand Brookfield’s industrial real estate platform with Peakstone’s high-quality and well-diversified portfolio, which will benefit from strong long-term fundamentals for the warehouse and IOS sectors,”
Lowell Baron, CEO, Brookfield Real Estate
