Publications

Transactions

To read this full article you need to be subscribed to Newsline.

Start Your Free Trial Now View Purchase Options

Home Properties sells portfolio and to be acquired in a $7.6b deal

by Andrea Waitrovich

Home Properties is in merger talks to be acquired by Lone Star Funds in an all-cash, take-private transaction valued at $7.6 billion. 

Lone Star will pay $75.23 a share for Home Properties’ common stock, representing a 9 percent premium on the REIT’s closing price April 24, the day before merger rumors first emerged. The transaction value includes the assumption of $2.5 billion in debt.

The multifamily REIT currently owns and operates 121 communities with a total of 41,917 apartment units.

In a separate deal, UDR has acquired a 3,246-unit portfolio of assets in the Washington, D.C., suburbs from Home Properties for an estimated price of $908 million. The portfolio consists of six apartment complexes, which Home Properties had acquired since 2000.

The largest property is the 937-unit Newport Village in Alexandria, Va., selling for $243 million. Home Properties acquired the property in 2011 for $205 million, and the REIT i

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?