Blackstone to purchase Residence Companions of America in $6 billion deal By Reuters

0

© Reuters. FILE PHOTO: The ticker and trade information for the Blackstone Group will be posted on the New York Stock Exchange (NYSE) floor on April 4, 2016. REUTERS / Brendan McDermid

(Reuters) – Blackstone Group on Tuesday agreed to take over Home Partners of America, which buys and rents single-family homes, in a $ 6 billion deal, the private equity firm said on Tuesday.

The U.S. real estate sector has turned red hot, fueled by a strong economic recovery, extremely low interest rates, and continued demand for larger homes from people working remotely due to the pandemic.

Home Partners owns more than 17,000 homes in the United States that it rents to tenants who are given an option to buy.

“The basic premise of the Home Partners platform is to give residents the opportunity to live in their chosen home with the option to buy it,” said Jacob Werner, senior managing director of Blackstone (NYSE 🙂 Real Estate , in a statement.

The deal is expected to close in the third quarter, the companies said.

Goldman Sachs (NYSE 🙂 and Co LLC served as financial advisor to Home Partners while Sidley Austin LLP and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel.

BofA securities and Wells Fargo (NYSE 🙂 Securities were Blackstone’s financial advisers, while Simpson Thatcher and Bartlett LLP were legal counsel.

Disclaimer: Fusion Media would like to remind you that the data contained on this website is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.

Fusion Media or any other person involved in Fusion Media assumes no liability for any loss or damage that may arise from reliance on the information contained on this website, including data, prices, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.

Leave A Reply

Your email address will not be published.