AUSTIN, Texas & NEW YORK — Blackstone today announced that Blackstone Core+ perpetual capital vehicles, primarily comprising Blackstone Real Estate Income Trust, Inc. and Blackstone Property Partners, have completed the previously announced acquisition of all of the outstanding shares of common stock of American Campus Communities, Inc., the largest developer, owner and manager of high-quality student housing communities in the United States, for approximately $12.8 billion, including the assumption of debt.
TSB Capital Advisors served as Blackstone’s financial advisors, as did Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs, Morgan Stanley & Co. LLC, SMBC, a member of SMBC Group. Simpson Thacher & Bartlett LLP acted as Blackstone’s legal counsel
BofA Securities served as ACC’s lead financial advisor. KeyBanc Capital Markets Inc. also acted as a financial advisor. Dentons US LLP served as ACC’s legal counsel.
“We are proud and excited to have our best-in-class company join Blackstone, whose expertise, resources and consistent access to capital will allow us to grow and continue to lead the student housing industry,” said Bill Bayless, American Campus Communities Co-founder and Chief Executive Officer. “This transaction created significant value for our shareholders and represents the culmination of our team’s passionate and dedicated service to our student residents and university partners.”
Jacob Werner, Co-Head of Americas Acquisitions for Blackstone Real Estate, said, “We are pleased to complete this transaction and welcome the American Campus Communities team to Blackstone. Student housing is a compelling sector with strong historical performance and future growth potential driven by increasing enrollment at the top universities in the U.S. as well as a shortage of quality housing supply. Our perpetual capital will enable ACC to invest in its existing assets and create much-needed new housing in university markets.”
The transaction was originally announced on April 19, 2022.