BREIT Makes $3.7 Billion Deal for Resource REIT

January 24, 2022 | James Sprow | Blue Vault

Blackstone Group Inc.’s (BX) non-traded Blackstone Real Estate Income Trust said Monday it agreed to pay $14.75 a share for Resource REIT Inc. (RSR) in a deal that values the suburban apartment community owner at $3.7 billion. Blackstone Real Estate Income Trust is buying the firm’s portfolio of 12,600 multifamily units, in 42 garden-style apartment communities. The purchase price amounts to a 63% premium over Resource REIT’s most recently published net asset value of $9.06 per share as of Jan. 28. The transaction is expected to close in the second quarter. Blackstone Real Estate senior managing director Asim Hamid said the transaction “represents a continuation of our high-conviction investing in top-quality multifamily communities in growth markets across the U.S.” Shares of Blackstone Group are down 15.2% so far in 2022, compared to a drop of 7.7% by the S&P 500.

Source: MarketWatch 1/24/22, 9:34 AM