Blackstone adds to student housing portfolio with $13 billion deal

Blackstone Inc. is betting big on U.S. property with a deal to buy student-housing operator American Campus Communities Inc. for $12.8 billion.

New York-based Blackstone has been scooping up U.S. housing assets of all kinds as the pandemic reshapes where Americans work and live, which along with low borrowing costs and supply constraints has driven a boom in property values across the country and led to the sharpest monthly rent increases in decades.

“American Campus Communities has a best-in-class portfolio and platform, built on longstanding relationships with some of the most distinguished and fastest growing universities in the country,” Jacob Werner, Blackstone’s co-head of Americas acquisitions, said in a statement Tuesday. More than half of BREIT’s assets are in residential property, according to its latest factsheet, with almost 20% of its real estate is in Las Vegas and Atlanta.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Blackstone adds to student housing portfolio with $13 billion dealThe investment firm has been scooping up U.S. housing assets of all kinds as the pandemic reshapes where Americans work and live.
Source: ladailynews - 🏆 332. / 59 Read more »

Blackstone adds to student housing portfolio with $13 billion dealThe investment firm has been scooping up U.S. housing assets of all kinds as the pandemic reshapes where Americans work and live.
Source: ladailynews - 🏆 332. / 59 Read more »

Deezer Streaming Service, Valued at $1.1 Billion, Strikes SPAC Deal to Go PublicThe France-based streaming service Deezer, which has a relatively low profile in the U.S. but is one of the world’s largest streamers, is merging with a special-purpose acquisition company (SPAC) w…
Source: Variety - 🏆 108. / 63 Read more »