Blackstone and Apartment Income REIT Corp. announced on April 8 on its site that the two companies had entered into an agreement and listed some of the agreement terms on Monday. The world’s largest global real estate company said it would acquire all outstanding common shares of AIR Communities for approximately $10 billion. The deal includes the assumption of debt in an all-cash transaction. It said it would invest hundreds of millions to strengthen its commitment to delivering a resident experience.
Blackstone said it has offered $39.12 per share for all common stock in AIR Communities. The real estate behemoth said that it offered a premium of 25 percent of AIR Communities’ share price at market close on the NYSE on April 5, the last trading day before the transaction’s announcement. It also said the offer was a 25 percent premium to the volume-weighted average share price of AIR Communities on the New York Stock Exchange over the previous thirty days.
Blackstone also said it will infuse more than $400 million to improve the communities in the AIR Communities portfolio, as it is committed to delivering “a Leading Resident Experience.”
AIR Communities has a portfolio of 76 high-quality rental housing communities, many located in coastal areas. These communities are mainly concentrated in Miami, Los Angeles, Boston, and Washington, D.C. The company’s board of directors has unanimously approved the deal, and subject to the necessary approvals, the transaction is expected to close in the third quarter of this year.
CWEB analyzes that the real estate market is bottoming out, and global real estate leader Blackstone is betting on taking AIR Communities private. Previously, it reached a $3.5 billion agreement with Tricon Residential Inc., a Toronto-based single-family rental family landlord in the US and multi-family apartments in Canada, to take it private. Commercial real estate prices saw a massive fall during the pandemic and are recovering slowly. Residential deals are still rising, as buying homes is not as easy as before due to high mortgage rates.
Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins, and Herbs. Become a WebFans Creator and Influencer. Check the New Special XMicro Razors for Men & Women, 1 Razor, 7 Blade Refills with German Stainless Steel, Lubricated with Vitamin E for Smooth Shave, Shields Against Irritation, Version X Men|Women
