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Campus Crest Communities Inc Announces Staged Acquisition Of Copper Beech Townhome Communities, LLC

Wednesday, 27 Feb 2013 07:10am EST 

Campus Crest Communities Inc announced that it has signed a purchase and sale agreement to acquire Copper Beech Townhome Communities, LLC and affiliates (Copper Beech). The initial stage of the investment represents a 48% equity interest in a portfolio of 35 student housing properties. Pursuant to the purchase and sale agreement, CCG has the right, but not the obligation, to acquire the remaining 52% interest in the Copper Beech portfolio in stages over a period of up to three years at fixed prices. Total consideration for the initial stage of the investment includes $230.2 million to acquire equity interests and repay debt in Copper Beech and a $31.7 million loan to the existing investors. The loan carries an interest rate of 8.5% per annum, has a term of three years and is secured by the investors' remaining equity stakes in Copper Beech. CCG expects the initial stage of the acquisition to close during the first or second quarter of 2013, although there can be no assurance that the transaction will close or, if it does, when the closing will occur. Barclays and Raymond James served as exclusive financial advisors to CCG, and Hogan Lovells US LLP and Bradley Arant Boult Cummings LLP acted as CCG's legal advisors. 

Company Quote

-0.12 -1.58%
26 Dec 2014