The world’s biggest alternate asset manager, The Blackstone Group, will buy Preferred Apartment Communities, Inc., as announced by Preferred on February 16, 2022. Blackstone Real Estate Income Trust’s (BREIT) offer comes in at 40% higher than Preferred’s stock close on February 9 at $25 a share. BREIT’s shares shot up 7% following the news of the offer.
The offer comes during a strong economic recovery with low interest rates and demand for bigger homes. Blackstone also closed a $6 billion deal last year for Home Partners of America.
Preferred Apartment Communities, Inc. owns and operates multifamily apartment properties, as well as investing in grocery-anchored shopping centers.
Preferred will be allowed to seek alternate bids during a 30-day “go-shop” period that expires on March 18.
The deal is expected to be completed during the second quarter of 2022.
Please click here to read more of this article from Reuters, written by Reuters Staff.
Source: Reuters – Reuters Staff, February 16, 2022