Deals
Blackstone Will Buy Bluerock Residential in $3.6 Billion Deal
- Private equity giant will buy 30 multifamily properties
- Soaring rents have fueled investor demand for apartments
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Blackstone Inc. has agreed to acquire Bluerock Residential Growth REIT Inc. in a deal valued at $3.6 billion, extending its push into U.S. rental housing.
Affiliates of Blackstone Real Estate will buy New York-based Bluerock for $24.25 a share, according to a statement Monday. That’s a premium of about 124% over the closing price on Sept. 15, the day before Bloomberg News reported the firm was exploring strategic options including a sale.