Blackstone Inc. Set to Acquire Preferred Apartment Communications Inc.
Feb 16, 2022 By MarketDepth
Blackstone Inc. (NYSE: BX) is set to acquire apartment owner Preferred Apartment Communities Inc. (PAC) in a deal worth USD5.8 Billion, as it strives to ramp up investments within the U.S. housing sector. According to a statement made Wednesday, the company will pay USD25 per share in cash for the real estate investment trust, a premium of 39% over Feb. 9th closing price.
Amid the agreement, Blackstone will acquire Preferred, including 44 high quality multifamily communities amounting to about 12,000 units located primarily in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, as well as 54 grocery-anchored shopping centers totaling nearly six million square feet in Atlanta, Orlando, Nashville and Raleigh.
“This transaction is an excellent outcome for our stockholders and the culmination of the hard work our first-class team has done over the past few years to simplify and refocus our portfolio.”PAC’s Chairman and Chief Executive Officer. Joel T. Murphy
Meanwhile, Howard A. McLure, PAC’s Lead Independent Director, added, “Our focus from the outset has been on delivering the best possible outcome for all our stockholders. I would like to thank our entire Board, our team of outside advisors and the PAC management team for their collective efforts in bringing about this result.”
The deal is expected to close within the second quarter of 2022.