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Blackstone has completed its acquisition of Bluerock Residence Growth REIT for $3.6 billion in cash.
Blackstone first announced the deal last December, indicating that Bluerock had agreed to sell all of its common stock for $24.25.
Bluerock has also completed a spin-off of a private family-enabling business into Bluerock Homes Trust (BHM), an externally managed real estate investment trust.
The REIT began trading in the United States on the New York Stock Exchange. As part of the deal, Blackstone will acquire 30 blocks comprising approximately 11,000 units and a loan portfolio backed by 24 multifamily properties.
Most properties are located in Atlanta, Phoenix, Orlando, Denver, and Austin.
Asim Hamid, Senior Managing Director, Blackstone Real Estate, said: “Bluerock’s portfolio consists of high-quality multifamily homes with some of the strongest foundations in the US market.
To ensure they continue to operate to the highest standards for the benefit of our tenants and surrounding communities.
“We are proud to have completed a transaction that will deliver great value to our shareholders,” said Ramin Kamfar, Chairman and CEO of Bluerock.
“We believe the significant premium to the historic transaction price is a testament to our success in building the best portfolio of institutional-grade multifamily apartments in the attractive target market of the knowledge economy.”
We need a board and management that will deliver maximum value for our shareholders.”
Reference Source: MPA
