Blackstone Buys American Campus Communities

Posted on 04/19/2022

American Campus Communities, Inc. (NYSE: ACC) is the largest developer, owner and manager of student housing communities in the United States.

Blackstone Core+ perpetual capital vehicles, primarily comprised of Blackstone Real Estate Income Trust, Inc. (BREIT), alongside Blackstone Property Partners (BPP), will acquire all outstanding shares of common stock of ACC for US$ 65.47 per fully diluted share in an all-cash transaction valued at approximately US$ 12.8 billion, including the assumption of debt.

ACC’s portfolio comprises 166 owned properties in 71 university markets including Arizona State University, The University of Texas at Austin, Florida State University, and the University of California – Berkeley, among many others. The majority of ACC’s properties are high-quality, purpose-built student housing assets located within walking distance of their respective university campuses, with approximately 24 percent of ACC’s communities located on campus.

The transaction has been unanimously approved by ACC’s Board of Directors and the independent Special Committee of ACC’s Board and is expected to close in the third quarter of 2022, subject to approval by ACC’s shareholders and other customary closing conditions. As a condition to the transaction, ACC has agreed to suspend payment of its quarterly dividend, effective immediately.

BofA Securities is serving as ACC’s lead financial advisor. KeyBanc Capital Markets Inc. is also acting as a financial advisor. Dentons US LLP is serving as the Company’s legal counsel.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC and TSB Capital Advisors are serving as Blackstone’s financial advisors, and Simpson Thacher & Bartlett LLP is acting as Blackstone’s legal counsel.

Keywords: Blackstone Group LP.

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