Private equity firm KKR has agreed to buy a portfolio of 19 student housing properties from Blackstone Real Estate Income Trust for about $1.64 billion, the companies said on April 25.
The over 10,000-bed portfolio comprises 19 student housing assets located in 14 four-year public universities across 10 states.
Also Read: Blackstone, KKR Mortgage REITs stung by office debt challenges
"This transaction is an excellent outcome for BREIT's investors and demonstrates the strong demand for the high-quality assets," Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, said in a statement.
Blackstone-owned BREIT had acquired the properties in 2018 in a joint venture with Greystar Real Estate Partners.
Also Read: Blackstone to take apartment income REIT private in $10 bln deal
Blackstone, through its portfolio firm American Campus Communities (ACC), is the largest owner of student housing in the United States, with more than 190 properties, representing about 140,000 beds.
{{/usCountry}}Blackstone, through its portfolio firm American Campus Communities (ACC), is the largest owner of student housing in the United States, with more than 190 properties, representing about 140,000 beds.
{{/usCountry}}The alternative asset manager bought ACC in 2022 in a deal valued at $12.8 billion.
Also Read: Blackstone plans to invest $25 billion in India private equity assets over five years
(Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva and Maju Samuel)