2022-01-24 09:02:34 BX Blackstone
01/24/22 01/2409:02 01/24/2209:02 | Blackstone REIT to acquire Resource REIT in $3.7B transactionResource REIT announced that it has entered into a definitive agreement with Blackstone Real Estate Income Trust, under which BREIT will acquire all of the outstanding shares of common stock of the REIT for $14.75 per share in an all-cash transaction valued at $3.7B, including the assumption of the REIT's debt. Under the terms of the agreement, BREIT will acquire the REIT's portfolio of multifamily, garden-style assets comprised of 42 apartment communities totaling more than 12,600 units. The assets feature significant green space and amenities and are located in some of the strongest and fastest growing submarkets spanning 13 states, including Arizona, Colorado, Florida, Georgia and Texas. The transaction has been unanimously approved by the REIT's Board of Directors and represents a premium of 63 percent to the REIT's most recently published Net Asset Value of $9.06 per share, which was initially determined twelve months ago by the REIT's Board of Directors as of January 28, 2021. The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, including the approval of the REIT's common stockholders. The transaction is not contingent on receipt of financing. |
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