BRG - Bluerock Residential Growth board approves spinoff of Bluerock Homes Trust
Bluerock Residential Growth REIT's ( NYSE: BRG ) board has approved the distribution to its shareholders of all outstanding common stock of Bluerock Homes Trust, the entity that will contain all of BRG's single-family rental business.
The spinoff is expected to be completed on Oct. 6, 2022, before the opening of the New York Stock Exchange American. Bluerock Residential Growth REIT ( BRG ), which will hold the multi-family rental business, expects to complete the previously announced acquisition of BRG by affiliates of Blackstone ( NYSE: BX ) Real Estate promptly after the spinoff is completed.
Bluestone Home Trust class A common stock is expected to be listed on the New York Stock Exchange American under the ticker "BHM". They are expected to begin trading on a "when-issued" basis under the ticker symbol "BHM WI" on or about Sept. 28, 2022 and will continue trading as such up to and through Oct. 5, 2022. "Regular-way" trading in BHM class A common stock is expected to begin on Oct. 6, 2022.
At the time of the distribution, each BRG shareholder will receive one share of BHM class A or class C common stock for every eight shares of BRG's class A or class C common stock held as of the close of business on the record date of Sept. 29, 2022. The distribution is expected to occur at 12:01 AM on Oct. 6, 2022.
Bluestone Residential Growth REIT ( BRG ) agreed in December to be acquired by private equity giant Blackstone ( BX ) for $24.25 per share, or $3.6B in all.
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Bluerock Residential Growth board approves spinoff of Bluerock Homes Trust