The Associated Press//June 22, 2015//
NEW YORK — Private equity firm Lone Star Funds is taking Home Properties private for approximately $4.36 billion.
Dallas’ Lone Star will pay $75.23 per Home Properties share, a 3 percent premium to the real estate investment trust’s Friday closing price of $72.73.
The companies put the total value of the deal at about $7.6 billion including debt.
Lone Star has been on a buying spree of late. North Dakota-based Investors Real Estate Trust announced last week that Lone Star would pay $250 million for at least 21 properties in Minnesota and several in other states totaling about 2.5 million square feet.
Home Properties, based in Rochester, New York, may seek third-party proposals over the next 30 days.
The transaction is targeted to close in the fourth quarter. It still needs approval from Home Properties shareholders.
Separately, Home Properties Inc. is exchanging a portfolio of up to six properties with UDR Inc. for a combination of cash and newly issued units of a new subsidiary of UDR.
Sign up for your daily digest of Minnesota News.
Blaine looking to seize opportunities for ambitious redevelopment
4/24/2024
Minneapolis advances fee hike for land use applications
4/24/2024
Minneapolis examines slate of new renter protections
4/24/2024
PPL seeks rezoning for $45M mixed-use project in St. Paul
4/23/2024
Microtel in Rochester fetches $4.5 million
4/23/2024
Earth Day 2024
4/24/2024
Top Women in Construction 2024
3/11/2024
Proud to highlight female business leadership for International Women’s Da[...]
3/8/2024
The POWER 30: Developers 2023
12/21/2023