Brookfield Asset Management and Canada Pension Plan Investment Board have agreed to acquire LXP Industrial Trust in an all-cash transaction valued at approximately $5.2 billion, including net debt and preferred equity. LXP shareholders will receive $61.20 per share, a 12% premium to the volume-weighted average share price for the 30-day period ended July 17. The deal gives the buyers control of LXP's portfolio of roughly 53 million square feet across 108 industrial properties in the U.S. Sunbelt and Midwest. The transaction is expected to close in the fourth quarter, after which LXP would cease trading on the New York Stock Exchange.
Brookfield Asset Management Ltd.Brookfield is the acquirer in a $5.2B deal, expanding its industrial real estate portfolio.
LXP Industrial Trust