Private equity giant Brookfield Asset Management, advised by Gibson Dunn & Crutcher LLP, on Monday unveiled plans to acquire Latham & Watkins LLP-led Peakstone Realty Trust in a $1.2 billion take-private transaction.

Under the terms of the agreement, a Brookfield private real estate fund will acquire all of Peakstone's outstanding shares for $21 per share in cash, according to a Monday statement. The purchase price represents a 34% premium to Peakstone's closing share price on Friday, the last full day of trading before the announcement.

Once the deal closes, Peakstone will delist its shares from the New York Stock Exchange and become a private company.

"We are pleased to enter into this agreement with Brookfield, which will deliver significant value to Peakstone shareholders. Following an offer from Brookfield, our board of trustees evaluated the proposed transaction with the assistance of external advisers and determined that it achieves the best value and other terms reasonably available for shareholders and is in the best interests of the company," Peakstone CEO Michael Escalante said. "This transaction recognizes the value of our industrial portfolio and the progress we have made expanding our [industrial outdoor storage] platform."

Peakstone is an industrial real estate investment trust that focuses on the industrial outdoor storage sector. Its portfolio includes 76 industrial properties, including 60 industrial outdoor storage properties and 16 traditional industrial properties, according to the statement.

Last year, Peakstone completed the disposition of all of its office properties, marking its transformation into an industrial-only real estate investment trust, the statement said.

"This acquisition is an exciting opportunity to expand Brookfield's industrial real estate platform with Peakstone's high-quality and well-diversified portfolio, which will benefit from strong long-term fundamentals for the warehouse and [industrial outdoor storage] sectors," Lowell Baron, CEO of Brookfield's real estate business, said.

The deal includes a 30-day "go-shop" period set to expire March 4, in which Peakstone may actively solicit and consider other acquisition proposals, the statement said. The deal is expected to close by the end of the second quarter of 2026, subject to customary closing conditions.

The Gibson Dunn team advising Brookfield includes partners Drew Flowers, Brian Scrivani and David Perechocky.

The Latham team advising Peakstone was led by partners Julian Kleindorfer, Brad Helms, Darren Guttenberg and Lewis Kneib.

Sterlington PLLC advised Peakstone's management team, with a team led by partners Jeremy Goldstein and Christopher Harrison and including partners Kristy Fields and Michael Gilligan.