CHARLOTTE, N.C., March 2, 2016 /PRNewswire/ -- Campus Crest
Communities, Inc. (NYSE: CCG) (the "Company" or "Campus Crest"),
today announced that it successfully closed its previously
announced merger with an affiliate of Harrison Street Real Estate
Capital, LLC ("Harrison Street"). As
of the close of trading today, all of Campus Crest's common stock
has been delisted from the New York Stock Exchange.
Holders of shares of Campus Crest's common stock will receive
$7.018 in cash for each share of
common stock held as of the closing. Prior to the closing,
all of the escrowed monies related to the previously disclosed sale
of the Company's Montreal joint
venture interests were released from escrow. Accordingly, it will
not be necessary for the parties to issue a contingent value right
for any portion of the merger consideration. Additionally, at the
closing, the Company set aside sufficient funds for the redemption
of the Company's 8.0% Series A Cumulative Redeemable Preferred
Stock, which will be redeemed on March 3,
2016, at a redemption price of $27.256, consisting of the par value of
$25.00 per share, plus $2.256 per share of accrued but unpaid
dividends.
Additionally, as previously disclosed, Campus Crest Communities,
L.P., the Company's operating partnership, will commence an offer
to purchase the outstanding 4.75% Senior Exchangeable Notes due
2018 on the terms and conditions set forth in the documents related
thereto and the underlying indenture.
Raymond James and Associates,
Inc. acted as financial advisor to Harrison Street and DLA Piper
LLP (US) acted as Harrison Street's
legal advisor. Moelis & Company LLC acted as financial advisor
to Campus Crest and Kilpatrick
Townsend & Stockton LLP acted as the Company's legal
advisor.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 79
student housing properties with over 42,000 beds across
North America. Additional
information can be found on the Company's website at
http://www.campuscrest.com.
About Harrison Street Real Estate Capital.
Harrison Street Real Estate Capital is a real estate private
equity firm founded in 2005 by real estate veteran Christopher Merrill, Chris Galvin (former Chairman & CEO of
Motorola) & Mike Galvin (former
Assistant Secretary of the U.S. Commerce Department for Export
Administration) that directly and through its affiliates, has
approximately $8.4 billion in assets
under management (AUM) through commingled funds and public
securities products. The commingled funds focus exclusively on the
Education, Healthcare and Storage segments of the US & European
real estate markets. Since inception, the Firm has acquired or
developed over $11.5 billion of real
estate throughout 530 properties in 40 states including over 69,000
student housing beds, more than 17,000 senior housing units, over
6.1 million square feet of medical office space, and more than
97,000 self-storage units. For more information please visit
www.harrisonst.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. The forward-looking statements, which include statements
regarding the proposed merger between the Company and Harrison Street, may be identified by the
inclusion of words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," "goal" and variations of
such words and other similar expressions, and are based on current
expectations, estimates, assumptions and projections that are
subject to change, and actual results may differ materially from
the forward-looking statements. These statements, as they relate to
the Company or Harrison Street, the
management of either such company or the proposed merger, involve
risks and uncertainties that may cause results to differ materially
from those set forth in the statements. The Company intends that
such forward-looking statements be subject to the safe-harbor
provided by the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results, performance or achievements or industry results to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Many factors, including the following, could cause
actual results to differ materially from the forward-looking
statements: the outcome of any legal proceedings that may be
instituted against the Company and others following announcement of
the merger; legislative, regulatory and economic developments;
risks related to disruption of management's attention from the
Company's ongoing business operations due to the merger; the effect
of the announcement of the merger on the Company's relationships
with colleges and universities, relationships with tenants,
operating results and business generally, and other risks and
uncertainties described under "Item 1A. Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2014 and in the
Company's Quarterly Reports on Form 10-Q for the fiscal quarters
ended March 31, 2015, June 30, 2015 and September 30, 2015, and in other documents filed
with the Securities and Exchange Commission ("SEC") by the Company.
Given these uncertainties, current and prospective investors should
be cautioned in their reliance on such forward-looking statements.
Except as required by law, the Company disclaims any obligation to
update any such factors or to publicly announce the results of any
revision to any of the forward-looking statements contained herein
to reflect future events or developments. A more comprehensive
discussion of risks, uncertainties, financial reporting
restatements, and forward-looking statements may be seen in the
Company's Annual Report on Form 10-K and other periodic filings
with the SEC.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/harrison-street-completes-the-acquisition-of-campus-crest-300229955.html
SOURCE Campus Crest Communities, Inc.
