Brookfield-CPPIB consortium completes $5.2B LXP buyout

LXP Industrial Trust’s take-private sale to a Brookfield-led consortium that includes CPP Investments (CPPIB) has closed, the South Florida Business Journal reported November 2, ending the public life of a REIT that owned 53 million square feet of bulk distribution space across the Sun Belt and Midwest. LXP’s own October 19 Form 8-K, filed with the SEC under Item 8.01, confirms the merger structure that got the deal to this point: LXP merging into Leopard Merger Sub LLC, a subsidiary of Leopard REIT LLC, the entity Brookfield and CPPIB formed to hold the company.

Why it matters

A national bulk-industrial portfolio of this size leaving public markets removes one of the few REIT-level benchmarks developers and lenders could point to when pricing Sun Belt distribution assets. For South Florida’s industrial market, where land is scarce and institutional capital already competes hard for leased product, the completed deal reinforces that large private pools, not public REITs, are setting the marginal price for stabilized bulk distribution right now. Private ownership also means LXP’s quarterly disclosures on rents and leasing, a reference point the market has used for over a year, stop being public.

The numbers

LXP’s board agreed to the deal on July 19, 2026, at $61.20 a share in cash, a 12.3% premium to the 30-day volume-weighted average price, valuing the transaction at roughly $5.2 billion including debt and preferred equity. The October 19 8-K set the shareholder vote for a Special Meeting on October 26, held virtually, the last procedural step before closing. The South Florida Business Journal’s November 2 report confirms the acquisition completed and restates the $5.2 billion figure; the 8-K excerpt itself does not repeat the dollar amount, so that number rests on the outlet’s reporting.

What’s next

With the Special Meeting behind it and the outlet reporting a closed deal, LXP should move toward delisting from the NYSE in the coming weeks, following the standard timeline for a completed take-private. Watch for a follow-up 8-K disclosing the delisting and deregistration, and for how Brookfield and CPPIB signal their hold strategy for the Sun Belt and Florida assets in the portfolio. For more on the forces pricing that debate, see our coverage of the signed merger agreement and the broader South Florida industrial market it competes against.