Blackstone ($BX (+0.15%) )
has announced, Apartment Income REIT, AIR Communities ($AIRC )
, for approximately 10 billion US dollars to acquire .
Under the terms of the agreement Blackstone all shares for 39.12 US dollars which represents an increase of over 25% (to Friday's closing price).
AIR Communities has a diversified portfolio of apartments in various markets along the East- and West Coastwhich makes it relatively resilient to market pressures. The company recorded Q4 an increase in rental income in same stores by 6,2%outperforming other publicly traded REITs. Blackstone plans to invest an additional 400 million US dollars to invest an additional USD 400 million to acquire the apartments in AIR portfolio.
