Blackstone’s Invitation Homes and Starwood Waypoint Homes have announced a merger that will create a $20bn (£15bn) single-family home rental company in the US.
The combined company will have 82,000 homes, with nearly 70% of revenue coming from the Western US and Florida.
It will operate under the name Invitation Homes.
Bryce Blair of Invitation Homes will remain as chairman, while Starwood Waypoint Homes’ Fred Tuomi will be chief executive.
Invitation Homes stockholders will own 59% of the combined company’s stock, and Starwood Waypoint stockholders the remaining 41%.
Single-family homes are stand-alone detached homes, as opposed to the more commonly referred to multi-family housing, which refers to blocks of flats.
There are more than 90m single-family homes in the US, with nearly 16m for rent.
Tuomi said: “This merger creates the leading single-family rental company in the US, which will be uniquely positioned to deliver exceptional service to residents, while also improving operating efficiency. That is a win-win for both residents and stockholders.”
To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette
