Lone Star will pay a cash sum of $75.23 a share to acquire Home Properties, a 9.2% premium to Home Properties’ closing share price the day before rumours of a bid in April. The deal is valued at $7.6bn including debt.
Home Properties operates 121 complexes comprising 41,917 apartments. The properties are located on the US east coast.
In a separate transaction, Home Properties will sell 3,246 apartments located around Washington, D.C., to UDR. UDR said the apartments were valued at $908m.
