Greystar’s $4.6 billion acquisition of leading college housing REIT

Hogan Lovells represented Greystar Real Estate Partners (Greystar) in its recently announced entry into a merger agreement for the acquisition of EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, by a newly-formed, perpetual-life fund, Greystar Student Housing Growth and Income Fund, LP, which is an affiliate of Greystar.

The all-cash deal is valued at US$4.6 billion and is expected to close in the second half of 2018.

In conjunction with the merger, a joint venture between an affiliate of Blackstone Real Estate Income Trust, Inc. and an affiliate of Greystar will acquire a portfolio of off-campus student housing assets located adjacent to top-tier university campuses. The newly combined Greystar/EdR team will manage the assets.

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and property management of rental housing properties globally. It is the largest operator of apartments in the United States, managing more than 435,000 conventional units and student beds in over 150 markets globally.

The Hogan Lovells team representing Greystar was led by corporate partners Bruce Gilchrist (Picture), Elizabeth Donley and Paul Manca. Additional support was provided by partners Lee Berner, Cam Cosby, Gordon Wilson, and Margaret de Lisser, senior associates Peter Trentman, Andrew Zahn, Nathan Cooper, and Ben Clarke, and associates Liz Banks, Catalina Parkinson, Leslie Graham and Mitra Anoushiravani.

 

Involved fees earner: Peter Trentman – Hogan Lovells; Bruce Gilchrist – Hogan Lovells; Elizabeth Donley – Hogan Lovells; Paul Manca – Hogan Lovells; Andrew Zahn – Hogan Lovells; Elizabeth Banks – Hogan Lovells; Catalina Santos Parkinson – Hogan Lovells; Leslie Graham – Hogan Lovells; Lee Berner – Hogan Lovells; Gordon Wilson – Hogan Lovells; Nathan Cooper – Hogan Lovells; Cameron Cosby – Hogan Lovells; Margaret de Lisser – Hogan Lovells; Mitra Anoushiravani – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Greystar Real Estate Partners, LLC;