Blackstone Authentic Estate Revenue Have faith in (BREIT) has accomplished its formerly introduced acquisition of Desired Apartment Communities (PAC) for $25.00 for each share of common inventory, with no desire, in an all-dollars transaction valued at $5.8 billion.
The holders of just about every collection of PAC’s favored stock will get the $1,000 per share liquidation preference for each and every share of most popular inventory plus accrued but unpaid dividends thereon, devoid of desire.
As a result of the transaction, PAC’s frequent stock will no lengthier be stated on any general public current market.
Joel T. Murphy, PAC’s Chairman and Main Government Officer, explained, “Today’s closing of BREIT’s acquisition of PAC marks the starting of an remarkable new chapter for PAC. This result, with about 99% of voting stockholders supporting the acquisition, reinforces the deserves of this transaction and the benefit of the tricky operate our group has accomplished top up to and in the course of this process. I would like to thank the Blackstone crew for getting so collaborative as we worked with each other to attain this outcome. We look ahead to the up coming section for PAC.”
Jacob Werner, Co-Head of Americas Acquisitions for Blackstone Genuine Estate, reported, “We are pleased to entire this acquisition on behalf of our BREIT buyers and welcome the gifted PAC staff to Blackstone. Inclusive of this transaction, somewhere around fifty percent of BREIT’s portfolio comprises household homes largely located in the West and South areas of the U.S., which are viewing sturdy demand and stable occupancy. PAC’s portfolio of higher-high quality multifamily in essential SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT’s portfolio of stabilized, cash flow-making property, and we appear ahead to currently being long-expression homeowners of these properties.”