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Fall Completion Date Targeted for Blackstone’s $3.6B Acquisition of Bluerock Residential
Bluerock Residential Growth REIT, Inc. and Blackstone Real Estate have set Oct. 6 as the target date for completion of Blackstone’s acquisition of Bluerock, and the proposed spin-off of Bluerock’s single-family rental business to its shareholders. The proposed acquisition was announced late last December.
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 properties are located mainly 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,” Bluerock CEO Ramin Kamfar said last December.
The completion of the acquisition remains subject to the consummation of the spin-off, as well as the satisfaction or waiver of the other closing conditions in the merger agreement.
- ◦Sale/Acquisition
