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.