Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), has completed its previously announced acquisition of Resource REIT Inc., a non-traded REIT, in an all-cash transaction valued at $3.7 billion, including the assumption of debt.
Blackstone REIT paid $14.75 per share for all outstanding shares of Resource REIT, a premium of 63 percent to its most recently published net asset value of $9.06 per share, as of January 28, 2021.
Resource REIT is a self-managed REIT that owns a portfolio of 42 multifamily properties across 13 states as of March 31, 2022. Resource REIT was created following the February 2021 merger of Resource Real Estate Opportunity REIT Inc., Resource Real Estate Opportunity REIT II Inc., and Resource Apartment REIT III Inc., three affiliated non-traded REITs. Shares were originally priced at $10.00 each.
Blackstone Real Estate Income Trust’s initial offering launched in August 2016 and has raised $53.9 billion in three public offerings as of March 2022. The currently offering has raised $3.4 billion, and as of April 30, 2022, its aggregate NAV was $66.3 billion. As of April 30, 2022, Blackstone REIT’s portfolio includes $89.8 billion in real estate investments and $9.6 billion in real estate debt.