Bluerock Residential Growth REIT said on Monday affiliates of Blackstone Real Estate have agreed to buy the company in a cash deal valued at $3.6 billion.
Blackstone Inc. has agreed to acquire Bluerock Residential Growth REIT Inc.in a deal valued at $3.6 billion, extending its push into U.S. rental housing.
Affiliates of Blackstone Real Estate will buy New York-based Bluerock for $24.25 a share, according to a statement Monday. That’s a premium of about 124% over the closing price on Sept. 15, the day before Bloomberg News reported the firm was exploring strategic options including a sale.
Blackstone’s deal is expected to close in the second quarter. Prior to the acquisition, Bluerock plans to spin off its single-family rental business to a newly formed real estate investment trust, Bluerock Homes Trust Inc.
Read more/Source: Bloomberg
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.