Blackstone Funds Complete $13 Billion Acquisition of American Campus Communities
10 August 2022 - 02:00AM
Business Wire
Blackstone (NYSE: BX) today announced that Blackstone Core+
perpetual capital vehicles, primarily comprising Blackstone Real
Estate Income Trust, Inc. (“BREIT”) and Blackstone Property
Partners (“BPP”), have completed the previously announced
acquisition of all of the outstanding shares of common stock of
American Campus Communities, Inc. (“ACC”), the largest developer,
owner and manager of high-quality student housing communities in
the United States, for approximately $12.8 billion, including the
assumption of debt.
“We are proud and excited to have our best-in-class company join
Blackstone, whose expertise, resources and consistent access to
capital will allow us to grow and continue to lead the student
housing industry,” said Bill Bayless, American Campus Communities
Co-founder and Chief Executive Officer. “This transaction created
significant value for our shareholders and represents the
culmination of our team’s passionate and dedicated service to our
student residents and university partners.”
Jacob Werner, Co-Head of Americas Acquisitions for Blackstone
Real Estate, said, “We are pleased to complete this transaction and
welcome the American Campus Communities team to Blackstone. Student
housing is a compelling sector with strong historical performance
and future growth potential driven by increasing enrollment at the
top universities in the U.S. as well as a shortage of quality
housing supply. Our perpetual capital will enable ACC to invest in
its existing assets and create much-needed new housing in
university markets.”
BofA Securities served as ACC’s lead financial advisor. KeyBanc
Capital Markets Inc. also acted as a financial advisor. Dentons US
LLP served as ACC’s legal counsel.
Wells Fargo Securities LLC, J.P. Morgan Securities LLC,
Citigroup Global Markets Inc., Goldman Sachs, Morgan Stanley &
Co. LLC, SMBC, a member of SMBC Group, and TSB Capital Advisors
served as Blackstone’s financial advisors, and Simpson Thacher
& Bartlett LLP acted as Blackstone’s legal counsel.
The transaction was announced on April 19, 2022.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager
and developer of high-quality student housing communities in the
United States. The company is a fully integrated, self-managed and
self-administered equity real estate investment trust (REIT) with
expertise in the design, finance, development, construction
management and operational management of student housing
properties. 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, ACC’s
total managed portfolio consisted of 204 properties with
approximately 143,100 beds. Visit www.americancampus.com.
Blackstone Real Estate
Blackstone is a global leader in real estate investing.
Blackstone’s real estate business was founded in 1991 and has US
$320 billion of investor capital under management. Blackstone is
the largest owner of commercial real estate globally, owning and
operating assets across every major geography and sector, including
logistics, residential, office, hospitality and retail. Our
opportunistic funds seek to acquire undermanaged, well-located
assets across the world. Blackstone’s Core+ business invests in
substantially stabilized real estate assets globally, through both
institutional strategies and strategies tailored for income-focused
individual investors including Blackstone Real Estate Income Trust,
Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European
yield-oriented strategy. Blackstone Real Estate also operates one
of the leading global real estate debt businesses, providing
comprehensive financing solutions across the capital structure and
risk spectrum, including management of Blackstone Mortgage Trust
(NYSE: BXMT).
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements under the applicable federal
securities law. These statements are based on the Company’s (as
defined below) and BREIT’s, as applicable, current expectations and
assumptions regarding markets in which American Campus Communities,
Inc. (the “Company”) and BREIT respectively operates, their
respective operational strategies, anticipated events and trends,
the economy, and other future conditions. Forward-looking
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
These risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements include those discussed in the Company’s
and BREIT’s filings with the Securities and Exchange Commission,
including the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021 under the heading “Risk Factors” and under
the heading “Business - Forward-looking Statements” and subsequent
quarterly reports on Form 10-Q, as well as BREIT’s Form 10-K for
the year ended December 31, 2021 in the section entitled “Risk
Factors”, BREIT’s prospectus and in the other periodic reports
BREIT files with the SEC. Neither ACC nor BREIT undertakes any
obligation to publicly update any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220809005848/en/
ACC Investor Contact: Ryan Dennison (512) 732-1000 Senior
Vice President Capital Markets & Investor Relations American
Campus Communities, Inc.
Blackstone Media Contact: Jeffrey Kauth (212)
583-5395
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