Real Estate
Blackstone $10 Billion Deal Is Latest Bet Property Near Lows
- Firm will acquire real estate owner Apartment Income REIT
- Blackstone plans to invest more than $400 million in portfolio
Source: AIR Communities
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Blackstone Inc. struck a roughly $10 billion deal for an apartment landlord in the latest sign that the real estate investor sees a ripe moment to pour money into the property market.
Blackstone agreed to acquire Apartment Income REIT, known as AIR Communities, in an all-cash deal for $39.12 a share, according to a statement Monday. That’s a 25% premium from the company’s share price of $31.35 at the close of trading on April 5.