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    Home»Deals & Transactions»Blackstone to buy Preferred Apartment Communities in $5.8 bln deal
    Deals & Transactions

    Blackstone to buy Preferred Apartment Communities in $5.8 bln deal

    February 16, 2022Updated:February 16, 20221 Min Read
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    A sign stands outside the offices of Blackstone Group LP in the Plateau de Kirchberg district of Luxembourg, on Monday, July 15, 2019. in list Monday, July 15, 2019. Brexit has made Luxembourg a favorite EU hub for insurers, funds and asset managers to relocate to from the U.K. Moves include those by insurance giant American International Group Inc., private-equity firm Blackstone, RSA Insurance Group Plc, U.S. insurer FM Global, Lloyd's of London insurer Hiscox Plc and asset manager M&G Investments. Photographer: Geert Vanden Wijngaert/Bloomberg
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    Preferred Apartment Communities Inc said on Wednesday a Blackstone Inc unit would buy it in a $5.8 billion deal, as the world’s biggest alternate asset manager ramps up investments in the red-hot U.S. housing sector.

    Blackstone Real Estate Income Trust’s (BREIT) all-cash offer of $25 per share is nearly 40% higher than Preferred Apartment’s stock close on Feb. 9, a day before media reports on the company exploring strategic options including a sale.

    The real estate investment trust’s shares shot up 7% to $25.04 before the bell following the news.

    Blackstone’s offer comes at a time when a strong economic recovery, ultra-low interest rates and continued demand for bigger homes have driven up home prices in the United States. The private equity giant also bought Home Partners of America in a $6 billion deal last year.

    Read more: Reuters

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