(Reuters) -Asset manager Blackstone Inc has agreed to buy student-housing owner American Campus Communities Inc for about $12.8 billion including debt, the Wall Street Journal reported on Tuesday. (https://on.wsj.com/3EsXV8P)
The deal underscores Blackstone’s bet that rents will continue to rise as colleges open and students return to campus, the report said.
The companies did not immediately respond to Reuters requests for comment.
The per-share price of the deal is $65.47, according to the WSJ report. That is nearly 14% higher than the stock’s last close.
ACC will be taken private through Blackstone Real Estate Income Trust Inc and Blackstone Property Partners, the report said.
(Reporting by Niket Nishant in Bengaluru, Additional reporting by Noor Zainab Hussain and Nathan Gomes; Editing by Devika Syamnath)
