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Greystar To Acquire EdR For $4.6B

As part of the deal Greystar and Blackstone are acquiring a portfolio of off-campus student housing for $1.2 billion.

EdR recently broke ground on SouthSide Commons with Lehigh University in Bethlehem, Pa.

MEMPHIS, TN–In a transaction that has been rumored for weeks, student housing REIT Education Realty Trust, or EdR, will be acquired by a fund affiliated with Greystar Real Estate Partners for $4.6 billion in cash, including debt.

The $41.50 per share purchase price represents a 26.3% premium over the 90-day volume-weighted average share price ending May 31, 2018 and a 13.6% premium over the May 31, 2018 closing share price, which was the last trading day before news stories speculating about the possible sale of EdR began circulating.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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