American Campus Communities, Inc. (NYSE: ACC) has inked a definitive agreement under which Blackstone Core+ perpetual capital vehicles, primarily made up of Blackstone Real Estate Income Trust, Inc. (BREIT), alongside Blackstone Property Partners (BPP), will purchase all outstanding shares of common stock of ACC for $65.47 per fully diluted share in an all-cash transaction valued at about $12.8 billion, including the assumption of debt.
ACC has 166 properties in 71 university markets, including Arizona State University, The University of Texas at Austin, Florida State University, and the University of California At Berkeley, among others. With about 24 percent of ACC’s communities situated on campus, the majority of ACC’s properties are high-quality, purpose-built student housing assets situated within walking distance of their university campuses.
American Campus Communities has begun its revolutionary mission to transition the student housing industry into a mainstream, institutional asset class within the commercial real estate sector eighteen years ago through its IPO. The company is motivated and happy to have its best-in-class company join Blackstone, the world’s largest alternative asset manager because it has fulfilled that aim. The acquisition announcement is the result of the ACC team’s passion and dedication to its student residents and university partners, while also generating considerable value for its stockholders.
The purchase price is 22% higher than the 90-day volume-weighted average share price ending April 18, 2022, 30% higher than the closing stock price on February 16, 2022, the day before the Company disclosed receipt of an indication of willingness to offer to purchase the Company, and 14 percent higher than yesterday’s closing price.