LXP Industrial Trust is no longer a public company. Brookfield Asset Management and Canada Pension Plan Investment Board (CPP Investments) announced on Nov. 2, 2026 that they had completed their all-cash acquisition of the warehouse landlord, a deal the buyers value at about $5.2 billion including net debt and preferred equity.
LXP shareholders receive $61.20 a share in cash. With the transaction closed, LXP’s shares no longer trade on the New York Stock Exchange, and the company is now privately held, according to the announcement.
What Brookfield and CPP Investments bought
The buyers describe the portfolio as 107 industrial properties covering about 52 million square feet in Sunbelt and Midwest markets, with strong occupancy and long-duration leases. LXP’s quarterly report for the period ended Sept. 30, filed Oct. 27, gives more detail: as of that date the company owned interests in about 107 consolidated properties in 13 states, with about 51.8 million square feet of rentable space that was about 97.0% leased. Its properties are primarily net leased, meaning tenants carry most property-level costs.
Brookfield said the assets will be folded into its global logistics platform, which it says spans more than 255 million square feet across more than 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.”
Sophie van Oosterom, managing director and head of real estate at CPP Investments, said the deal “adds a high-quality, scaled portfolio of modern logistics properties” to the pension investor’s U.S. real estate holdings. “With strong occupancy and exposure to key distribution markets, we believe LXP is well positioned to capture further value as logistics markets evolve,” she said.
From July agreement to Nov. 2 close
The companies first announced the merger agreement on July 20, 2026. At the time, the $61.20 price represented a 12.3% premium to LXP’s 30-day volume-weighted average share price and a 19.8% premium to its 90-day average, both for the period ended July 17. The July announcement described the portfolio as about 53 million square feet across 108 properties.
The agreement included a “go-shop” period running through Aug. 28 that let LXP solicit competing bids, and the deal was not subject to a financing condition. LXP agreed to suspend its common dividend until the deal closed or was terminated. The transaction closed at the original $61.20 price.
“This transaction is the culmination of the LXP team’s successful execution of our strategic plan to transform LXP into a pure-play industrial REIT, curate a best-in-class portfolio, and implement our development program,” Thomas W. Eglin Jr., LXP’s chairman and chief executive, said in July.
Shareholders signed off at a special meeting on Oct. 26. According to the quarterly report, 48,363,045 shares were voted in favor of the merger, 255,313 against and 52,111 abstained, or about 99% of the 48.7 million shares represented at the meeting. Those shares made up 82.6% of the common shares entitled to vote.
A big-ticket bet on warehouses
The closing moves a portfolio concentrated in Sunbelt and Midwest distribution markets from public shareholders to two long-horizon private owners. Brookfield, which reports more than $1 trillion of assets under management, has been raising record amounts of capital to put into real assets. CPP Investments said the Canada Pension Plan Fund totaled C$863.6 billion at June 30.
Both buyers framed the purchase as a long-term call on demand for modern logistics space. Other investors are making the same bet with smaller pools of money, among them the buyers of a $628 million Southeast industrial portfolio covered earlier this year. That optimism belongs to the buyers. Neither announcement gives rent or return projections for the LXP portfolio, and public investors will no longer see its quarterly results.
BofA Securities was lead financial adviser to LXP, J.P. Morgan Securities was co-financial adviser, and Hogan Lovells Cadwalader US LLP was its legal adviser. Citigroup Global Markets and Morgan Stanley were lead financial advisers to the buyers, and Gibson, Dunn & Crutcher and Thompson Hine were their legal advisers. More industrial and investment coverage is in RealtyWire’s commercial real estate section.
