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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.

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.

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