The fragmented industrial outdoor storage market has drawn another large-scale institutional buyer, with Brookfield completing its $1.2 billion take-private of Peakstone Realty Trust.

Peakstone’s portfolio comprises over 70 industrial assets across industrial outdoor storage and traditional industrial properties.

The REIT, which was publicly traded on the New York Stock Exchange, assembled a collection of well-located logistics infrastructure serving durable demand drivers.

The assets will be integrated into Brookfield’s global logistics platform, which encompasses more than 160 million square feet across over 800 properties in 19 countries.

The deal gives Brookfield scaled exposure to the IOS sector, an area with limited institutional ownership and increasing occupier need for logistics infrastructure.

Brookfield funded the acquisition with an all-cash payment of $21.00, valuing Peakstone’s equity at approximately $1.2 billion.

Citigroup, Goldman Sachs, and Morgan Stanley served as financial advisors to Brookfield alongside legal counsel Gibson, Dunn & Crutcher and Thompson Hine.

BofA Securities advised Peakstone, with Latham & Watkins, O’Melveny & Myers, and Hogan Lovells as legal counsel.

Peakstone’s shares have been delisted from the NYSE following the close.