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Brookfield and CPP to buy LXP Industrial in $5.2B all-cash deal
The agreement includes a 40-day go-shop period that runs through Aug. 28, before the deal can close subject to conditions.
Brookfield Asset Management and Canada Pension Plan Investment Board agreed to take LXP Industrial Trust private in an all-cash transaction valued at approximately $5.2 billion, including net debt and preferred equity, according to ConnectCRE.
LXP, which is based in West Palm Beach, owns an industrial real estate portfolio totaling about 53 million square feet across 108 warehouse and logistics properties spanning the Sunbelt and Midwest.
The companies said the transaction follows LXP’s repositioning strategy launched in 2018, aimed at transforming the company into a pure-play industrial REIT, with a development program and active asset management.
Under the merger agreement, there is a 40-day go-shop period expiring at 11:59 p.m. New York City time on Aug. 28. Subject to agreement terms, LXP may terminate the transaction to pursue a superior proposal, subject to a termination fee.