QTS Realty Trust (NYSE: QTS), a publicly traded REIT focused on data center assets, reported that its stockholders approved the acquisition of the company by affiliates of Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust, and Blackstone Property Partners.
The Blackstone funds will pay $78.00 per share in an all-cash transaction valued at approximately $10 billion, including the assumption of debt.
The transaction is expected to close on August 31, 2021. Upon closing, QTS’ common stock and preferred stock will no longer be listed on any public market.
QTS Realty Trust owns more than 7 million square feet of data center space within North America and Europe. QTS shares closed at $77.92 on Friday.
In other Blackstone REIT news, the non-traded REIT recently announced a $784 million joint venture with Landmark Properties, an Athens, Georgia-based student housing developer and owner-operator, to acquire and recapitalize a portfolio of eight Class A student housing properties with 5,416 beds.
Blackstone REIT invests primarily in stabilized U.S. commercial real estate, and to a lesser extent, real estate debt investments. As of July 31, 2021, the REIT owned a property portfolio valued at roughly $49.7 billion and had investments in real estate debt totaling $6.4 billion. Its initial offering launched in August 2016 and has raised $31.2 billion in three public offerings as of June 2021. The REIT has raised $7.7 billion in the current offering, as of mid-August 2021.