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Deals & Dealmakers

Greystar completes $4B acquisition of student housing giant EdR

EdR, one of the nation’s largest developers, owners and managers of college housing communities, announced the completion of the acquisition led by funds managed by an affiliate of Greystar Real Estate Partners.

The announcement follows EdR stockholders’ vote to approve the merger. The total transaction value is approximately $4.6 billion.

“Not only was the sale beneficial to EdR’s shareholders, but joining forces with Greystar will also benefit our residents, university partners and employees,” said Randy Churchey, EdR’s Chief Executive Officer and Chairman of the Board of Directors.

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“This transaction greatly expands Greystar’s U.S. student housing portfolio and opens up even more opportunities for our current and future university partners who are looking at expanding their on-campus housing through Public-Private Partnerships (P3).

“The integration of EdR’s on-campus experience and operating expertise with Greystar’s investment platform and access to capital positions us to help even more of America’s prestigious universities enhance their campus housing and achieve their student retention and success goals.”

EdR’s student housing platform will operate under the Greystar brand and retain its leadership team and operational headquarters in Memphis, Tenn.

BofA Merrill Lynch served as exclusive financial advisor, and Morrison & Foerster LLP and Venable LLP served as legal advisors to EdR. J.P. Morgan Securities LLC served as exclusive financial advisor, and Hogan Lovells US LLP and King & Spalding served as legal advisors, to Greystar. JPMorgan Chase Bank, N.A. provided debt financing for the transaction.

In conjunction with the above transaction, a joint venture between an affiliate of Blackstone Real Estate Income Trust, Inc. (“BREIT”) and an affiliate of Greystar acquired a portfolio of 20 of the EdR communities for $1.2 billion. The off-campus communities are located adjacent to top-tier university campuses.

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