Harrison Street to acquire REIT for $1.9b
Campus Crest Communities has agreed to be acquired by affiliates of Harrison Street Real Estate Capital for approximately $1.9 billion.
Campus Crest plans to sell its interest in a joint venture that owns properties in Montreal to its joint venture partner prior to the closing of the merger with Harrison Street. The Montreal sale is currently expected to close before Oct. 30. Under the terms of the merger agreement, the final merger consideration will be determined following the closing of the Montreal Sale.
The deal, which has been approved by the boards of both firms, is expected to close during the first quarter of 2016.
The merger follows many announced this year:
Blackstone Group acquires BioMed Realty for $8b