Blackstone Real Estate Closes on $3.6B Bluerock Acquisition
Bluerock also spun off its single-family rental business into a publicly traded REIT.
Affiliates of Blackstone Real Estate have closed on the previously announced Bluerock Residential Growth REIT acquisition for $24.25 per share in an all-cash transaction valued at $3.6 billion.
Bluerock also spun off its single-family rental business into an externally managed, real estate investment trust, Bluerock Homes Trust (BHM). BHM began trading on the New York Stock Exchange American this morning.
Barclays and Wells Fargo Securities served as Blackstone’s financial advisors, and Simpson Thacher & Bartlett LLP as Blackstone’s legal advisor. Morgan Stanley & Co. LLC and Eastdil Secured LLC served as Bluerock’s lead financial advisors with BofA Securities also serving as an advisor. Wachtell, Lipton, Rosen & Katz, KVCF, PLC, and Vinson & Elkins, LLP served as Bluerock’s legal counsel.