Education Realty Trust Confirms Its Sale to Greystar Real Estate Affiliate

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Training Realty Belief
Inc.,

EDR 1.57%

a college-housing real-estate funding belief, stated it’s promoting itself to a Greystar Actual Property Companions affiliate for $41.50 a share in money.

Monday’s announcement confirms a report in The Wall Avenue Journal earlier this month that stated Greystar was wanting to buy the agency and had provided that value.

Based mostly on the corporate’s variety of shares excellent and the per-share value that Greystar has provided, the deal comes out to about $three.15 billion. Training Realty stated in its announcement Monday that, together with debt, it values the deal at $four.6 billion.

Training Realty, a real-estate funding belief based mostly in Memphis, runs or owns 79 communities in 25 states for 50 universities, it stated. Greystar, an condo administration agency based mostly in Charleston, S.C., manages housing items in additional than 150 markets around the globe. The agency manages over 435,000 standard items and scholar beds, in keeping with Monday’s announcement.

Training Realty will cease its repeatedly quarterly dividends as a part of the deal, it stated. Shareholders may get a dividend of lower than 1 cent per share every day beginning on Oct. 15—allowing the deal hasn’t closed by then—for every day till the deal closes, Training Realty stated.

Moreover, a three way partnership between a Greystar affiliate and an affiliate of Blackstone Actual Property Earnings Belief Inc. will purchase some off-campus scholar housing property that may stay below the administration of Training Realty and Greystar.

Training Realty shares have been unchanged premarket.

Write to Allison Prang at allison.prang@wsj.com



Supply hyperlink – https://www.wsj.com/articles/education-realty-trust-confirms-its-sale-to-greystar-real-estate-affiliate-1529925483?mod=pls_whats_news_us_business_f

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