American Campus Communities Stockholders Approve Blackstone REIT Acquisition
Stockholders of American Campus Communities Inc. (NYSE:ACC), a publicly traded REIT that owns 166 student housing properties, have approved the acquisition of the company by Blackstone Core+ perpetual capital vehicles.
Stockholders of American Campus Communities Inc. (NYSE: ACC), a publicly traded REIT that owns 166 student housing properties, have approved the acquisition of the company by Blackstone Core+ perpetual capital vehicles, primarily comprised of Blackstone Real Estate Income Trust Inc., alongside Blackstone Property Partners L.P.
At yesterday’s special meeting, approximately 114.9 million shares voted in favor of the proposal, 262,500 voted against, and 14,000 abstained.
Blackstone REIT and the affiliates agreed to purchase all outstanding shares of American Campus Communities for $65.47 per share in an all-cash transaction valued at approximately $12.8 billion. The transaction is expected to close around August 9, 2022. Upon closing, ACC common stock will no longer be listed on any public market.
Shares of ACC closed at $65.39 on Thursday.
American Campus Communities’ portfolio is located in 71 university markets including Arizona State University, The University of Texas at Austin, Florida State University, and the University of California – Berkeley, among others. The majority are purpose-built student housing properties located within walking distance of their respective university campuses, with approximately 24 percent located on campus.
As of June 30, 2022, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds. Including its owned and third-party managed properties, its total managed portfolio consisted of 204 properties with approximately 143,100 beds.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $59 billion in three public offerings as of June 2022. The currently offering has raised $5.6 billion, and as of June 30, 2022, its aggregate NAV was $68.3 billion. The REIT’s portfolio includes $104.4 billion in real estate investments and $10.7 billion in real estate debt.
