Blackstone to Acquire QTS Realty Trust in ~$10 Billion All-Cash Transaction

Blackstone Acquires Significant Minority Stake in Rowan Digital Infrastructure

April 9, 2026

Infrastructure

Quinbrook and Blackstone announced that funds affiliated with Blackstone have acquired a significant minority stake in Rowan Digital Infrastructure. The investment is intended to support Rowan’s continued expansion and capacity growth of sustainable, build-to-suit hyperscale data center campuses across the United States.

Brookfield Asset Management to Acquire Peakstone Realty Trust

February 2, 2026

Real Estate

Brookfield Asset Management (via a Brookfield private real estate fund/affiliate) entered into a definitive agreement to acquire all outstanding shares of Peakstone Realty Trust for $21.00 per share in an all-cash transaction valuing Peakstone at approximately $1.2 billion. The deal expands Brookfield’s industrial real estate platform and deepens exposure to industrial outdoor storage (IOS).

Blackstone Infrastructure to Acquire TXNM Energy for $11.5 Billion

May 19, 2025

Infrastructure

TXNM Energy entered into an agreement for Blackstone Infrastructure to acquire TXNM Energy for $61.25 per share in cash, valuing the deal at $11.5 billion including net debt (excluding securitization debt) and preferred stock. The transaction remains subject to regulatory approvals and other customary closing conditions, with an initially estimated closing window in 2H 2026 (later extended to an expected 1H 2027 timeline).

Blackstone Real Estate Partners X Takes AIR Communities Private in ~$10 Billion Deal

June 28, 2024

Real Estate

Blackstone Real Estate Partners X agreed to acquire all outstanding common shares of Apartment Income REIT Corp. (AIR Communities) for $39.12 per share in an all-cash transaction valued at about $10 billion, including the assumption of debt. Blackstone planned to invest over $400 million to maintain and improve AIR’s rental housing communities, and the deal was expected to close in Q3 2024. The follow-on update states Blackstone has completed the privatization.

Affiliates of Blackstone Real Estate Acquire Bluerock Residential Growth REIT

October 6, 2022

Real Estate

Affiliates of Blackstone Real Estate (Blackstone) completed an all-cash acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share, valuing the transaction at approximately $3.6 billion. The deal included a spin-off of Bluerock's single-family rental business into a newly listed REIT, Bluerock Homes Trust (BHM).

Affiliates of Blackstone Real Estate Acquire PS Business Parks for $7.6 Billion

July 20, 2022

Real Estate

Affiliates of Blackstone Real Estate entered into a definitive all-cash agreement to acquire PS Business Parks, Inc. for $187.50 per share, valuing the transaction at approximately $7.6 billion. The deal covers PS Business Parks’ commercial portfolio (industrial, business park, office, and multifamily) primarily located in California, Miami, Texas, and Northern Virginia, with an expected closing in the third quarter of 2022.