West Palm Beach Industrial Firm Changes Hands In All-Cash Transaction

Brookfield Asset Management and Canada Pension Plan Investment Board have completed their approximately $5.2 billion acquisition of West Palm Beach-based LXP Industrial Trust, taking the warehouse and distribution property owner private. The all-cash transaction, completed November 2, includes net debt and preferred equity and encompasses 107 industrial properties totaling approximately 52 million square feet across the Sunbelt and Midwest.

A Larger Platform For The Portfolio

LXP’s properties will become part of Brookfield’s global logistics platform, which spans more than 255 million square feet across over 850 properties in 20 countries.

For the West Palm Beach company, the acquisition shifts ownership of a geographically dispersed industrial portfolio into a broader international operating platform. The transaction’s scale reflects an investment in an established collection of warehouse and distribution assets rather than an individual development or local property purchase.

Shareholders Approve Cash Buyout

Common shareholders will receive $61.20 per share, and LXP’s shares no longer trade on the New York Stock Exchange.

Shareholders approved the acquisition October 26, with more than 99% of votes cast supporting the merger. Those votes represented approximately 82% of outstanding common shares as of the record date. The agreement was announced July 20.