Three large law firms craft $5.8 bln Blackstone real estate buy

Emily Parkin

Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly

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  • Blackstone buys rental apartment owner as home prices jump
  • Deal adds to take-private transactions Simpson Thacher has advised Blackstone on in recent months
  • King & Spalding, Vinson & Elkins advise Preferred Apartment Communities

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(Reuters) – Simpson Thacher & Bartlett is advising Blackstone Inc’s real estate investing arm on its roughly $5.8 billion acquisition of rental apartment owner Preferred Apartment Communities, which has turned to King & Spalding and Vinson & Elkins for guidance on the deal.

Atlanta-based Preferred Apartment Communities, which operates multifamily properties and invests in shopping centers, said on Wednesday that it had inked the deal with Blackstone Real Estate Income Trust Inc.

The transaction comes as a strong economic recovery, ultra-low interest rates and continued demand for bigger homes have driven up U.S. home prices.

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Simpson Thacher mergers and acquisitions partners Brian Stadler and Matthew Rogers, and real estate partner Erik Quarfordt are guiding the Blackstone unit.

Stadler, Rogers and Quarfordt most recently worked on the Blackstone arm’s $3.7 billion planned purchase of apartment owner Resource REIT Inc, according to a January firm press release.

The Simpson Thacher attorneys have also individually worked on at least four other multi-billion dollar Blackstone take-private deals in the past year, according to firm statements from 2022 and 2021.

The transactions include Blackstone’s $3.6 billion acquisition of apartment owner Bluerock Residential Growth REIT Inc; the $3.1 billion purchase of distribution and logistics property owner WPT Industrial Real Estate Investment Trust; the $10 billion buy of data center operator QTS Realty Trust; and the $6 billion acquisition of hotel owner Extended Stay America Inc.

King & Spalding corporate, finance and investments partners Spencer Johnson, Tony Rothermel and John Anderson, as well as tax partner Wayne Pressgrove, represented Preferred Apartment Communities.

King & Spalding previously advised the company on its sale of office properties to North Carolina-headquartered real estate investment trust Highwoods Properties Inc, according to an April 2021 firm statement.

Vinson & Elkins said in a statement that corporate partners Gregory Cope and Stephen Gill are also advising Preferred Apartment Communities.

Read more:

Blackstone to buy Preferred Apartment Communities in $5.8 bln deal

Blackstone affiliates to buy Bluerock REIT in $3.6 bln deal

Pack of firms direct Blackstone’s buy of data center operator

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https://www.reuters.com/legal/transactional/three-large-law-firms-craft-58-bln-blackstone-real-estate-buy-2022-02-16/

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