The asset at the center of this deal is warehouse space, and a lot of it. Brookfield Asset Management and Canada Pension Plan Investment Board agreed to acquire LXP Industrial Trust in an all-cash transaction valued at approximately $5.2 billion, including net debt and preferred equity. Joele Frank, Wilkinson Brimmer Katcher advised LXP.
LXP owns roughly 53 million square feet across 108 properties, concentrated in Sunbelt and Midwest industrial markets. Most of it is modern single-tenant warehouse and logistics space, the kind that sits near freight corridors and draws long-term tenants. Once known as Lexington Realty Trust, the company spent recent years selling office and other holdings to become a near pure-play warehouse owner. That profile has made industrial real estate a favorite for institutional buyers, and it explains why a pension fund and an asset manager teamed up to take the trust private.
Terms set the price at $61.20 per share in cash, a 12.3% premium to LXP’s 30-day volume weighted average price and a 19.8% premium to the 90-day figure. A 40-day go-shop period runs through Aug. 28, giving LXP room to solicit competing offers before the deal locks in. Joele Frank handled communications for LXP as the announcement went out.
Brookfield and CPP Investments bring long-hold capital to the purchase, the patient sort of ownership that suits a portfolio built on multiyear leases. The transaction is expected to close in the fourth quarter of 2026, pending shareholder approval and customary conditions.
Joele Frank, Wilkinson Brimmer Katcher, led by Andrew Siegel and Lucas Pers, served as communications advisor to LXP Industrial Trust on the sale.
Private capital has kept its appetite for logistics real estate even as other property categories cooled, and the LXP purchase ranks among the larger industrial take-privates of the year. For LXP holders, the go-shop window leaves a short opening for a higher bid. For Brookfield and CPP Investments, the deal folds a sizable warehouse footprint into portfolios already weighted toward infrastructure and real assets. Joele Frank advised LXP through the announcement, with the work now carrying into the go-shop period and toward the shareholder vote.