Blackstone Core+ Funds Acquire American Campus Communities

Blackstone Real Estate Income Trust Acquires Preferred Apartment Communities

March 21, 2022

Real Estate

Preferred Apartment Communities, Inc. (PAC) announced that proxy advisory firms Glass Lewis and ISS have recommended stockholders vote “FOR” the previously announced all-cash acquisition by Blackstone Real Estate Income Trust, Inc. (BREIT). Under the definitive merger agreement, BREIT will acquire PAC for $25.00 per share, and the deal is expected to close in the second quarter of 2022 subject to customary conditions and stockholder approval.

Blackstone Real Estate Partners X Takes AIR Communities Private in ~$10 Billion Deal

June 28, 2024

Real Estate

Blackstone Real Estate Partners X agreed to acquire all outstanding common shares of Apartment Income REIT Corp. (AIR Communities) for $39.12 per share in an all-cash transaction valued at about $10 billion, including the assumption of debt. Blackstone planned to invest over $400 million to maintain and improve AIR’s rental housing communities, and the deal was expected to close in Q3 2024. The follow-on update states Blackstone has completed the privatization.

Blackstone Real Estate Income Trust to Acquire Home Partners of America

June 22, 2021

Real Estate

Blackstone Real Estate Income Trust, Inc. (BREIT) entered into a definitive agreement to acquire Home Partners of America (HPA) in a deal valuing HPA at $6.0 billion. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions and approvals, as BREIT looks to expand HPA’s resident-led lease purchase/choice model across the United States.

Affiliates of Blackstone Real Estate Acquire Bluerock Residential Growth REIT

October 6, 2022

Real Estate

Affiliates of Blackstone Real Estate (Blackstone) completed an all-cash acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share, valuing the transaction at approximately $3.6 billion. The deal included a spin-off of Bluerock's single-family rental business into a newly listed REIT, Bluerock Homes Trust (BHM).

Affiliates of Blackstone Real Estate Acquire PS Business Parks for $7.6 Billion

July 20, 2022

Real Estate

Affiliates of Blackstone Real Estate entered into a definitive all-cash agreement to acquire PS Business Parks, Inc. for $187.50 per share, valuing the transaction at approximately $7.6 billion. The deal covers PS Business Parks’ commercial portfolio (industrial, business park, office, and multifamily) primarily located in California, Miami, Texas, and Northern Virginia, with an expected closing in the third quarter of 2022.

American Tower Acquires CoreSite Realty Corporation

November 15, 2021

Infrastructure

American Tower Corporation entered into a definitive agreement to acquire CoreSite Realty Corporation for $170.00 per share in cash, valuing the transaction at approximately $10.1 billion including assumed/repayment of CoreSite debt. The deal was unanimously approved by both boards and was subsequently closed after completion of the tender offer and merger process.