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AIR Communities Stockholders Approve Blackstone's Acquisition Offer
ByAinvest
Tuesday, Jun 25, 2024 5:19 pm ET1min read
Air Communities' stockholders approved the acquisition by Blackstone Real Estate, with the transaction set to proceed at a price of $39.12 per share. The final vote results will be filed as a Form 8-K with the SEC.
NUMBER: 1Air Communities' Shareholders Approve Acquisition by Blackstone Real Estate for $39.12 per Share
In a significant move for the real estate industry, Air Communities, a self-administered real estate investment trust (REIT) with a portfolio of 77 communities and 27,385 apartment homes across 10 states and the District of Columbia, announced on June 25, 2024, that its shareholders had approved the acquisition of the company by Blackstone Real Estate Partners X (Blackstone) [1]. The transaction, priced at $39.12 per share, is expected to be completed on or about June 28, 2024, subject to customary closing conditions.
Air Communities, which trades on the New York Stock Exchange under the ticker symbol AIRC, has been known for its focus on resident selection, satisfaction, and retention, as well as relentless innovation in property management [1]. The company's unique business model, which it refers to as the "AIR Edge," has proven to be successful in driving organic growth and providing opportunities for excess returns on properties new to the platform [1].
The all-cash acquisition by Blackstone represents a significant opportunity for Air Communities' shareholders to realize value from their investment. The transaction, which was announced on April 2, 2024, follows a definitive merger agreement between the two parties [1].
Blackstone, one of the world's leading investment firms, has a strong track record in the real estate industry. The company's real estate business, which includes Blackstone Real Estate Partners, is one of the largest in the world, with a portfolio of over $200 billion in assets [2].
The acquisition of Air Communities is expected to add to Blackstone's growing portfolio of high-quality real estate assets. The transaction is subject to customary closing conditions, including regulatory approvals and the satisfaction of certain other conditions [1].
References:
[1] BusinessWire. (2024, June 25). Apartment Income REIT Corp. Announces Stockholder Approval of Merger with Blackstone Real Estate Partners X. Retrieved from https://www.businesswire.com/news/home/20240625005823/en/
[2] Blackstone. (n.d.). Real Estate. Retrieved from https://www.blackstone.com/real-estate
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