Peakstone Realty Trust (PKST): M&A transaction — Peakstone Realty Trust acquires 51 IOS properties for $490M from Alterra/J.P. Morgan

Peakstone Realty Trust

Acquired 51 industrial outdoor storage properties on 440 usable acres across 14 states for $490M, funded via credit facility and cash.
Operating portfolio (45 assets) is 99.6% leased with a weighted average lease term of 4.5 years and 47% investment-grade tenants.
Company sees ~70% mark-to-market rent upside on operating assets and additional yield from 6 redevelopment sites.
CEO states acquisition expands industrial footprint and aligns with strategy to shift portfolio toward industrial assets.
Transaction was off-market; BofA Securities acted as exclusive financial advisor.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Peakstone Realty Trust completed an acquisition involving certain subsidiaries of IOS JV, LLC, a joint venture between Alterra IOS and institutional investors advised by J.P. Morgan Asset Management for approximately $490.0 million (closed 2024-11-04).

Action: acquisition
Counterparty: certain subsidiaries of IOS JV, LLC, a joint venture between Alterra IOS and institutional investors advised by J.P. Morgan Asset Management
Consideration: approximately $490.0 million
Closing: 2024-11-04

Exact text from the filing

”) situated on 440 usable acres across 14 states (the “ Acquisition ”). The aggregate consideration paid by the Buyer Parties to acquire the Properties was approximately $490.0 million, subject to proration and certain adjustments described in the Purchase and Sale Agreement. The foregoing description is an abbreviated summary of certain provisions in the

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Source: SEC EDGAR

accession 0001140361-24-045133

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