KKR to buy $1.64 bln student housing portfolio from Blackstone's REIT (updated)

Blackstone Real Estate Income Trust

25/04/2024 13:25

(Adds deal details and context throughout)
       April 25 (Reuters) - Private equity firm KKR  KKR.N  has
agreed to buy a portfolio of 19 student housing properties from
Blackstone Real Estate Income Trust for about $1.64 billion, the
companies said on Thursday. 
    The over 10,000-bed portfolio comprises 19 student housing
assets located in 14 four-year public universities across 10
states.
        "This transaction is an excellent outcome for BREIT's
investors and demonstrates the strong demand for the
high-quality assets," Jacob Werner, co-head of Americas
acquisitions for Blackstone Real Estate, said in a statement.
  
        Blackstone-owned  BX.N  BREIT had acquired the
properties in 2018 in a joint venture with Greystar Real Estate
Partners.
  
        Blackstone, through its portfolio firm American Campus
Communities (ACC), is the largest owner of student housing in
the United States, with more than 190 properties, representing
about 140,000 beds.
  
        The alternative asset manager 
    bought
     ACC in 2022 in a deal valued at $12.8 billion.
  

 (Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva
and Maju Samuel)
 ((Manya.Saini@thomsonreuters.com;))