Brookfield and CPP Complete $5.2 Billion LXP Take-Private

The Tip Desk · November 3, 2026 · 3 min read

LXP’s 107-property Sunbelt and Midwest logistics portfolio is now privately held as the REIT’s pure-play industrial run ends.

Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board completed their all-cash acquisition of LXP Industrial Trust (LXP) on Nov. 2, 2026, in a transaction valued at approximately $5.2 billion, including net debt and preferred equity. Shareholders received $61.20 a share.

LXP’s shares no longer trade on the New York Stock Exchange, and the company is now privately held.

The purchase price represented a 12.3% premium to LXP’s 30-day volume-weighted average price and a 19.8% premium to the 90-day VWAP, in each case for the period ended July 17, 2026. The deal was not subject to a financing condition.

At completion, LXP’s portfolio comprised 107 industrial properties spanning approximately 52 million square feet in Sunbelt and Midwest markets. The July announcement had described the portfolio as approximately 53 million square feet across 108 properties. The company said the properties benefit from strong occupancy and long-duration leases that generate durable cash flows.

The assets will be integrated into Brookfield’s global logistics platform, which spans more than 255 million square feet across over 850 properties in 20 countries.

“This acquisition reflects our conviction in the long-term fundamentals of the U.S. industrial sector,” said Lowell Baron, Chief Executive Officer of Brookfield Real Estate. “We are acquiring a portfolio of modern logistics assets at an attractive basis in markets benefiting from strong demand for large-scale distribution facilities with limited supply.”

LXP Chairman and Chief Executive Officer Thomas W. Eglin, Jr., said the transaction was the culmination of the company’s strategic plan to transform LXP into a pure-play industrial REIT, curate a best-in-class portfolio, and implement its development program. The LXP board unanimously determined that the transaction fully maximizes value for shareholders.

Sophie van Oosterom, Managing Director and Head of Real Estate at CPP Investments, said the acquisition adds a high-quality, scaled portfolio of modern logistics properties to CPP’s diversified U.S. real estate investments. Earlier, she said the industrial sector in the U.S. continues to offer attractive long-term investment opportunities, supported by structural demand drivers including domestic manufacturing, evolving global supply chains and population growth across key Sunbelt markets.

LXP had been executing a leasing and development program in the months before the merger. In the first quarter of 2026 it completed 1.4 million square feet of new leases and lease extensions after the quarter-end, bringing year-to-date spreads on cash base rents to 16.3%, and commenced a 1.2 million square foot speculative development in Phoenix. In the second quarter it pre-leased a 1.2 million square foot development project with an initial annual cash base rent of approximately $9.8 million.

The company also repurchased and retired approximately 325,000 common shares in the first quarter at an average price of $48.70 a share. As of September 30, 2026, common shares outstanding were 58,957,264.

Brookfield had previously completed the acquisition of Peakstone Realty Trust in May 2026 in an all-cash deal valued at approximately $1.2 billion. Those assets were to be integrated into Brookfield’s logistics platform. The LXP deal is the larger of the two industrial take-privates and adds the 52 million square foot Sunbelt and Midwest portfolio to that platform.