Blackstone has struck a $13bn deal to acquire one of the biggest portfolios of student housing in the US, extending a streak of real estate transactions that has already made the private equity company one of the biggest owners of inner-city apartment blocks and suburban homes.
The purchase of American Campus Communities will give Blackstone an on-campus presence at Princeton University, UC Berkeley and other institutions where the company owns more than 100 halls of residence and housing units.
Blackstone executive Jacob Werner said the transaction also presented an opportunity to use capital from the Wall Street group’s $279bn real estate unit to build new university facilities in areas that were not adequately served.
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