Bluerock Residential Growth REIT Inc BRG is soaring Monday morning after the company announced Blackstone will acquire all outstanding shares of its common stock for $24.25 per share in an all-cash transaction valued at $3.6 billion.
Blackstone will acquire 30 multifamily properties comprising approximately 11,000 units, as well as a loan book secured by 24 multifamily assets under the terms of the agreement. The majority of the properties are located in Atlanta, Phoenix, Orlando, Denver and Austin.
Bluerock separately intends to spin off its single-family rental business to its shareholders through the distribution of shares of common stock of a newly formed real estate investment trust named Bluerock Homes Trust, Inc.
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BRG Price Action: The Bluerock Residential Growth REIT has traded as low as $8.80 over a 52-week period. It's making new 52-week highs today.
The stock was up 73.20% at $26.62 at time of publication.
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