Brookfield Asset Management and the Canada Pension Plan Investment Board (CPP Investments) have completed their all-cash acquisition of LXP Industrial Trust, the companies announced, closing a deal that values the industrial landlord at roughly $5.2 billion including debt and preferred equity.
Under the terms, LXP shareholders received $61.20 per share in cash. The company's shares, which had traded on the New York Stock Exchange, have now been delisted, and LXP is a privately held company. The portfolio changing hands spans roughly 52 million square feet of warehouse and logistics space across more than 100 properties in the United States.
The deal had included a 40-day "go-shop" period allowing LXP to seek a higher offer from other bidders; none emerged, and the original transaction closed largely as first announced over the summer. Citigroup and Morgan Stanley advised Brookfield and CPP Investments on the transaction.
Brookfield's Lowell Baron said the acquisition reflects the firm's "conviction in US industrial fundamentals," pointing to continued demand for modern warehouse space tied to e-commerce fulfillment and supply-chain reconfiguration. CPP Investments' Sophie van Oosterom framed the purchase as a long-duration bet consistent with the fund's mandate, tying the deal to the pension fund's long-term return targets, according to Brookfield's announcement of the closing.
The buyout is one of the largest industrial real estate take-privates of the year and underscores continued institutional appetite for logistics real estate even as broader commercial property markets remain uneven. With the deal now closed, LXP's former public shareholders have been cashed out, and Brookfield and CPP Investments become the latest large institutional owners to bet that demand for US warehouse space will keep outpacing new supply.