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Longacre Square Partners works the media for Preferred Apartment Communities as it inks a $5.8B all-cash deal to be acquired by Blackstone Real Estate Income Trust.
PAC owns about 12K rental units in 44 communities in the Atlanta, Orlando, Tampa and Jacksonville markets and 54 shopping centers in the Atlanta, Orlando, Raleigh and Nashville areas.
Jacob Werner, co-head of Americas acquisitions for Blackstone, said his firm was attracted to PAC’s “high-quality multifamily assets in key Sun Belt markets” and grocery-anchored retail group that is a “strong and resilient” performer.
Blackstone’s $25 per share offer represents a 39 percent premium over the Feb. 9 closing price of PAC stock, which was before news hit that it was exploring strategic options.
Longacre’s Dan Zacchei and Joe Germani represent PAC.
Joele Frank represents LXP Industrial Trust as the logistics giant agrees to be acquired by Brookfield Asset Management and the Canada Pension Plan Investment Trust for $5.2B in cash.
Jenn Kettnich, who has more than 15 years of financial communications experience, has joined Liftoff Mobile as VP-investor relations following completion of its recent IPO.
Joele Frank handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
