Blackstone to take Apartment Income REIT private for $10 bln, WSJ reports (updated)
08/04/2024 13:26
(Adds share movement in paragraph 2, deal details in paragraph
3)
April 8 (Reuters) - Asset manager Blackstone BX.N is
taking private rental housing firm Apartment Income REIT
AIRC.N , known as AIR Communities, for $10 billion in cash, the
Wall Street Journal reported on Monday, citing people familiar
with the matter.
Shares of the real estate investment trust jumped 23.64% in
premarket trading.
Blackstone also plans to invest another $400 million to
improve the REIT's 76 rental housing communities, which are
located in primarily coastal markets, the report said.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Arun
Koyyur)
((Ananta.agarwal@thomsonreuters.com;))
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