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Blackstone Taking Bluerock Residential Private in All-Cash Deal
Blackstone Real Estate will take Bluerock Residential Growth REIT private in an all-cash transaction valued at $3.6 billion, the two companies announced Monday. Bluerock plans to spin off its single-family rental business to shareholders via a newly formed REIT named Bluerock Homes Trust, Inc.
Under the terms of the agreement, Blackstone will acquire 30 multifamily properties comprising approximately 11,000 units along with a loan book secured by 24 multifamily assets. The majority of the properties are located in Atlanta, Phoenix, Orlando, Denver and Austin.
“We believe the substantial premium to our historic trading price is a testament to our success in building a best-in-class institutional-quality multifamily apartment portfolio in our attractive knowledge-economy target markets,” said Bluerock CEO Ramin Kamfar.
Morgan Stanley and Eastdil Secured are Bluerock’s lead financial advisors, with BofA Securities also serving as an advisor. Barclays and Wells Fargo Securities are Blackstone’s financial advisors.
- ◦Sale/Acquisition
