"Blackstone's $10 Billion Deal: Taking Apartment Income REIT Private"
Blackstone is set to acquire Apartment Income REIT, also known as AIR Communities, for $10 billion in cash, including debt, signaling a bet on a potential easing of pressure in the commercial real estate market. The deal represents a 25% premium on AIR Communities' closing price on Friday, and Blackstone plans to invest an additional $400 million to enhance the firm's 76 rental housing communities. This move reflects Blackstone's focus on rental housing and its confidence in the sub-sector's future prospects, as well as its recent agreement to take private Canadian single-family rental housing firm Tricon Residential.
