Hotline: 1800 102 2007
Hotline: 1800 102 2007
Jun, 25 2018

Greystar to buy EdR Trust for $4.6 bn, own $10 bn in US market portfolio

The deal has an equity value of $3.15 billion, based on Education Realty's shares outstanding as on May 1.

Greystar to buy EdR Trust for $4.6 bn, own $10 bn in US market portfolio

Education Realty Trust Inc, an owner of collegiate housing communities, said on Monday it would be acquired by an affiliate of Greystar Real Estate Partners for about $4.6 billion, including debt.

Education Realty shareholders will receive $41.50 per share in cash from Greystar Student Housing Growth and Income Fund.

The deal has an equity value of $3.15 billion, based on Education Realty's shares outstanding as on May 1.

In conjunction with the deal, which is expected to close in the second half of 2018, a joint venture between an affiliate of Blackstone Real Estate Income Trust Inc and a Greystar affiliate will buy a portfolio of off-campus student housing assets.

The company said it will discontinue its regular quarterly dividends as per the agreement.

Education Realty shares have gained nearly 12 percent since June 1 when the Wall Street Journal reported that the company was exploring a sale.

The newly combined Greystar and Education Realty team will own about $10 billion in the portfolio of income-generating real estate concentrated in US markets, the statement added.

BofA Merrill Lynch advised Education Realty on the deal, while Morrison & Foerster LLP and Venable LLP were its legal advisers. J.P. Morgan Securities LLC was financial adviser to Greystar, while Hogan Lovells US LLP and King & Spalding were its legal advisers.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Automobile Maintanance Related
    GLOSSGARAGE CAR CARE is a car and bike detailing centre..
    Locations looking for expansion Rajasthan
    Establishment year 2015
    Franchising Launch Date 2020
    Investment size Rs. 20lac - 30lac
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Jaipur Rajasthan
  • Other Vocational Training
    a.        Premier Fashion Design & Beauty Institute with deca..
    Locations looking for expansion Haryana
    Establishment year 2017
    Franchising Launch Date 2021
    Investment size Rs. 50lac - 1 Cr.
    Space required 3000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Automobile Maintanance Related
    R.G. GROUP of companies was incorporated in the year 1968..
    Locations looking for expansion Delhi
    Establishment year 1968
    Franchising Launch Date 2020
    Investment size Rs. 20lac - 30lac
    Space required 700
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Juices / Smoothies / Dairy Parlors
    Format Investment Brand Fee Space Staff Exp. Monthly Sales Pro..
    Locations looking for expansion Karnataka
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Bangalore Karnataka
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities