It’s official. Greystar completed its acquisition of EdR, one of the nation’s largest student-housing firms.
This news follows EdR stockholders’ vote to approve the merger at a meeting about a week ago. Greystar is dropping $4.6 billion on this acquisition.
EdR’s stockholders will receive $41.50 per share in cash.
"Not only was the sale beneficial to EdR's shareholders, but joining forces with Greystar will also benefit our residents, university partners and employees," Randy Churchey, EdR's CEO and Chairman of the Board of Directors, said in a statement.
"This transaction greatly expands Greystar's U.S. student housing portfolio and opens up even more opportunities for our current and future university partners who are looking at expanding their on-campus housing through Public-Private Partnerships. The integration of EdR's on-campus experience and operating expertise with Greystar's investment platform and access to capital positions us to help even more of America's prestigious universities enhance their campus housing and achieve their student retention and success goals," he added.
In conjunction with this transaction, a joint venture of Blackstone Real Estate Income Trust and an affiliate of Greystar acquired a portfolio of 20 of the EdR communities for $1.2 billion.
"Completing this highly strategic transaction provides us with an institutional-quality student housing platform at a scale that would be very difficult to replicate in the private market," Greystar Founder, Chairman and CEO Bob Faith said in a statement.
"It also advances our long-term strategy to grow our global student housing footprint, and we look forward to leveraging our proven platform to enhance the company's performance and value. EdR boasts a deep bench of talent and we look forward to welcoming their team into the Greystar family."