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
