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Blackstone Real Estate Income Trust Closes USD 5.8bn Acquisition of Preferred Apartment Communities.

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US-based alternative investment management company Blackstone's (NYSE: BX) Blackstone Real Estate Income Trust, Inc platform has closed the acquisition of US-based real estate investment trust Preferred Apartments Communities, Inc. (NYSE: APTS) for USD 25.00 per share of common stock, without interest, in an all-cash transaction valued at approximately USD 5.8bn, BX said.

The holders of each series of PAC's preferred stock will receive the USD 1,000 per share liquidation preference for each share of preferred stock plus accrued but unpaid dividends thereon, without interest.

As a result of the transaction, PAC's common stock will no longer be listed on any public market.

Jones Lang LaSalle Ltd., BofA Securities, Lazard FrÃres and Co. LLC and Wells Fargo Securities LLC served as BREIT's financial advisors, and Simpson Thacher and Bartlett LLP acted as BREIT's legal counsel.

Goldman Sachs and Co. LLC served as PAC's lead financial advisor. KeyBanc Capital Markets, Inc. and JonesTrading Institutional Services, LLC. also served as financial advisors to PAC. King and Spalding LLP and Vinson and Elkins LLP served as the company's legal counsel.

The transaction was announced on February 16, 2022.

Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of class A multifamily...

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