Blackstone to take Apartment Income REIT private in $10 bln deal
Market Trends
April 8 (Reuters) - Asset manager Blackstone (BX.N), opens new tab said on Monday it would take private rental housing firm Apartment Income REIT (AIRC.N), opens new tab, known as AIR Communities, for $10 billion in cash, including debt, in what analysts see as a bet on easing pressure within the commercial real estate market.
Under the deal, Blackstone will pay $39.12 for each share of the real estate investment trust, representing a premium of about 25% to its closing price on Friday. Shares of the REIT jumped about 23%.
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