Transactions - JUNE 23, 2015

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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

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