Brookfield and CPP Investments complete take-private of LXP Industrial Trust

Brookfield Asset Management and CPP Investments have completed their all-cash acquisition of LXP Industrial Trust. The transaction values LXP at about $5.2 billion including net debt and preferred equity. LXP shareholders receive $61.20 per share in cash, and LXP's shares no longer trade on the New York Stock Exchange.

LXP's portfolio spans about 52 million square feet across 107 industrial properties. The assets will be integrated into Brookfield's global logistics platform, which the companies say covers more than 255 million square feet across over 850 properties in 20 countries. Brookfield Real Estate's Lowell Baron cited conviction in long-term U.S. industrial fundamentals, while CPP Investments' Sophie van Oosterom said the portfolio adds scaled logistics exposure to its U.S. real estate holdings.

BofA Securities and J.P. Morgan advised LXP, with Hogan Lovells Cadwalader as legal adviser. Citigroup and Morgan Stanley were lead financial advisers to the buyers, with Goldman Sachs, Santander and Scotiabank as financial advisers and Sumitomo Mitsui Banking as structuring adviser. Gibson Dunn and Thompson Hine advised the buyers, DLA Piper advised CPP Investments on certain aspects, and Dechert advised the Citigroup and Morgan Stanley units.