Campus Crest to buy stake in student housing rival
(Reuters) - Student housing operator Campus Crest Communities Inc (CCG.N) said it would take a 48 percent stake in rival Copper Beech Townhome Communities LLC for $261.9 million to create the second-largest public student housing operator in terms of beds.
Campus Crest would also have the option to buy the remainder of Copper Beech over the next three years.
The deal would provide Campus Crest entry into 12 markets.
Copper Beech will continue to manage the day-to-day operations of the portfolio until Campus Crest owns at least 88.9 percent of its shares.
Campus Crest said it expects the first stage of the acquisition to close during the first or second quarter of 2013 and to add to earnings in first full year of ownership.
Barclays and Raymond James were financial advisers to Campus Crest. Hogan Lovells US LLP and Bradley Arant Boult Cummings LLP acted as legal advisers.
(Reporting by Sagarika Jaisinghani in Bangalore)
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