Brookfield and CPP Investments buying LXP Industrial Trust in US$5.2B deal

Signage is seen in the reception of CPP Investments' Toronto offices, on Thursday, Sept. 21, 2023. THE CANADIAN PRESS/Chris Young

TORONTO — Brookfield Asset Management and the Canada Pension Plan Investment Board have signed an agreement to buy LXP Industrial Trust in an deal worth for US$5.2 billion, including debt.

LXP owns a portfolio of warehouse and logistics facilities in the U.S. including 108 properties across the U.S. Sunbelt and Midwest.

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Sophie van Oosterom, head of real estate at CPP Investments, says the industrial sector, particularly in the U.S., continues to offer attractive long-term investment opportunities.

Under the terms of the agreement, LXP shareholders will receive US$61.20 per share in cash.

LXP shares closed at US$58.51 on the New York Stock Exchange on Friday.

The transaction is expected to close in the fourth quarter of this year, subject to shareholder approval and other customary closing conditions.

This report by The Canadian Press was first published July 20, 2026.

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