MBA NewsLink Staff
Greystar Real Estate Partners Acquires EdR
Greystar Real Estate Partners, New York, acquired student housing developer, owner and manager EdR, Memphis, Tenn.
The total transaction value equaled nearly $4.6 billion. EdR said its stockholders will receive $41.50 per share in cash.
Greystar Founder, Chairman and CEO Bob Faith said the transaction gave Greystar an institutional-quality student housing platform "at a scale that would be very difficult to replicate in the private market."
EdR's student housing platform will operate under the Greystar brand and retain its leadership team and operational headquarters in Memphis.
BofA Merrill Lynch served as exclusive financial advisor and Morrison & Foerster LLP and Venable LLP served as legal advisors to EdR. J.P. Morgan Securities LLC served as exclusive financial advisor and Hogan Lovells US LLP and King & Spalding served as legal advisors to Greystar.
JPMorgan Chase Bank N.A. provided debt financing for the transaction.
Green Street Advisors Revises Commercial Property Price Index
Green Street Advisors, Newport Beach, Calif., introduced an expanded suite of commercial property indexes.
The most significant change is that the Green Street Commercial Property Price Index will now capture price changes in fifteen property sectors compared to five before as more real estate investors move away from investing solely in the core property sectors.
Green Street also launched new total return indexes, including the Green Street Commercial Property Return Index. This index is similar to the price index but includes the income component from property investments.
"As more and more investors deploy capital into non-traditional property sectors, we thought our index of property prices should reflect that," said Green Street Advisors Senior Analyst Peter Rothemund.