Blackstone to buy Air Communities for $10 billion

April 08, 2024 05:26 AM PDT | By Invezz

Blackstone to buy Air Communities for $10 billion — Image source: Invezz

Details of Blackstone – Air Communities deal

The all-cash transaction values each share of the real estate investment trust known broadly as Air Communities at $39.12 per share – a 25% premium on their previous close.

$AIRC currently owns 76 rental housing communities in Miami, Boston, Los Angeles and other coastal markets. Nadeem Meghji – the global co-head of Blackstone Real Estate said in a press release today:

We’re very impressed by the terrific operating team at Air Communities and look forward to working closely with them, while continuing to deliver a fantastic resident experience.

Wall Street currently has a consensus “overweight” rating on $BX that pays a dividend yield of 3.34% at writing.

Blackstone to spend further on Apartment Income

Blackstone Inc also committed to spending an additional $400 million on improving the rental housing communities that Apartment Income owns – added the Wall Street Journal on Monday.

In January, the alternative investment management giant based out of New York, United States said it will buy Tricon Residential Inc for about $3.5 billion as Invezz reported here.

The recent moves suggests $BX – one of the biggest real-estate investors in the world is now accelerating investments after moving more cautiously for a while. Watch here: https://www.youtube.com/embed/Whu1nuZnuVI?feature=oembed

Note that the New York listed firm is scheduled to report its financial results for the first quarter on April 18th. Consensus is for it to earn 99 cents a share versus 97 cents per share a year ago. Blackstone has now gained more than 50% over the past twelve months.

The post Blackstone to buy Air Communities for $10 billion appeared first on Invezz

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