Blackstone to Acquire American Campus Communities for $13B
American Campus Communities, Inc. has entered into a definitive agreement under which Blackstone Core+ perpetual capital vehicles, will acquire all outstanding shares of ACC common stock for $65.47 per fully diluted share in an all-cash transaction valued at approximately $12.8 billion, including the assumption of debt. Austin-based ACC’s portfolio comprises 166 owned student housing properties across 71 markets.
“Through our IPO, 18 years ago, we began our pioneering quest to transform the student housing sector into a mainstream, institutional asset class within the commercial real estate sector,” said Bill Bayless, ACC co-founder and CEO. “We have certainly accomplished that mission and are proud and excited to have our best-in-class company join Blackstone, the world’s largest alternative asset manager.”
Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, said, “Our perpetual capital will enable ACC to invest in its existing assets and create much-needed new housing in university markets.”
The transaction is expected to close in the third quarter of 2022, subject to approval by ACC’s shareholders and other customary closing conditions.
- ◦Sale/Acquisition