Jul. 23, 2015, 9:26 AM
- No alternative proposal has come forward, so the sale of Home Properties (NYSE:HME) to Lone Star Funds for $75.23 per share in cash moves forward. The transaction is expected to close in either Q3 or Q4.
- Also part of the deal is the sale of a six-property portfolio to UDR.
- Previously: Home Properties sold to Lone Star in $7.6B deal (June 22)
Jun. 22, 2015, 12:48 PM
- Home Properties is up 2.3% after agreeing to sell itself to Lone Star Funds, but the news isn't doing a whole lot to lift M&A animal spirits in the sector for now.
- As part of the deal UDR (UDR +0.5%) will acquire from Lone Star up to $908M of Home Properties' apartments in the D.C. area. The purchase is expected to boost AFFO by $0.015 per share in 2016.
- Presentation slides
- Earlier this year, Associated Estates agreed to sell itself to a Brookfield Asset Management fund, and last year there was Essex Property Trust's purchase of BRE Properties.
- Equity Residential (EQR -0.3%), AvalonBay (AVB), Post Properties (PPS -0.2%), Aimco (AIV +0.2%), Camden Property (CPT +0.1%), Mid-America (MAA +0.2%), Trade Street Residential (TSRE), Investors Real Estate (IRET -0.4%), NexPoint Residential (NXRT -0.5%), Bluerock Residential (BRG -1.4%).
Jun. 22, 2015, 9:06 AM
- As rumored a few weeks back, Lone Star Funds is buying Home Properties (NYSE:HME) for $75.23 per share in cash, roughly 9% higher than the stock price prior to the first reports in late April of a potential sale.
- Concurrent to this deal, HME is contributing a portfolio of up to six properties and 3,246 units to UDR in exchange for cash and newly issued units (UDR DownREIT units) of a newly-formed subsidiary of UDR (UDR DownREIT).
- HME +2.8% to $74.75 premarket
Dec. 4, 2013, 10:17 AM
- A check of other multi-family REITs amid news of a $5B bid for BRE Properties (BRE +12.8%) by Essex (ESS -1.8%).
- Equity Residential (EQR +2.2%), AvalonBay (AVB +2.5%), UDR (UDR +2.5%), Apartment Investment and Management (AIV +4%), Camden (CPT +3.2%), Home Properties (HME +3.3%), Mid-America (MAA +1.7%), Post (PPS +4.7%).