BX - Blackstone closes on $5.8B Preferred Apartments acquisition

Blackstone's (NYSE:BX) real estate income trust ("BREIT) completed its previously announced acquisition of Preferred Apartments Communities (APTS), also known as PAC, for $25 per share in an all-cash deal valued at ~$5.8B, the companies said Thursday. The holders of PAC's preferred stock will get $1,000 per share liquidation preference for each share of preferred stock plus accrued but unpaid dividends without interest. As a result of the transaction, Preferred Apartments' common stock will no longer be listed on any public market. "Inclusive of this transaction, approximately half of BREIT’s portfolio comprises residential properties largely located in the West and South regions of the U.S., which are seeing robust demand and stable occupancy," said Jacob Werner, co-head of Americas Acquisitions for Blackstone Real Estate. "PAC’s portfolio of high-quality multifamily in key SunBelt markets and grocery anchored retail centers is a complementary addition to BREIT’s portfolio of stabilized, income-generating assets, and we look

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Blackstone closes on $5.8B Preferred Apartments acquisition