Industrial outdoor storage, a fragmented corner of logistics real estate, just saw a major consolidation move with Brookfield Asset Management taking Peakstone Realty Trust private in an all-cash deal valued at $1.2 billion.

Peakstone shareholders received $21.00, and the company's common stock ceased trading on the New York Stock Exchange upon completion of the acquisition on May 6.

The portfolio comprises more than 70 industrial assets, with a heavy concentration in industrial outdoor storage and traditional industrial properties.

That footprint will be rolled into Brookfield's existing global logistics platform, which already counts over 160 million square feet across more than 800 properties in 19 countries.

Brookfield Real Estate CEO Lowell Baron described the transaction as deepening the firm's exposure to a sector supported by durable demand drivers, limited institutional ownership, and rising occupier need for well-located logistics infrastructure.

Brookfield's advisory lineup included Citigroup Global Markets, Goldman Sachs, and Morgan Stanley as financial advisors, with Gibson Dunn and Thompson Hine providing legal counsel.

Peakstone was advised by BofA Securities as exclusive financial advisor and by Latham & Watkins, O'Melveny & Myers, and Hogan Lovells as legal counsel.