{"id":1004121803,"date":"2015-06-23T05:57:08","date_gmt":"2015-06-23T13:57:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004121803"},"modified":"2022-12-08T09:56:23","modified_gmt":"2022-12-08T17:56:23","slug":"lone-star-goes-on-mega-shopping-spree","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lone-star-goes-on-mega-shopping-spree\/","title":{"rendered":"Lone Star Goes on Mega Shopping Spree"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"Edward<\/a>

Edward Pettinella, Home Propertis<\/p><\/div>\n

Home Properties Inc., a major multi-family REIT based in Rochester, N.Y., has agreed to be acquired by an affiliate of global private equity firm Lone Star Funds, of Dallas, in a transaction worth about $7.6 billion, Home Properties announced Monday. On completion of the all-cash transaction, Home Properties, currently publicly traded, will become a privately held company.<\/p>\n

The acquisition, Hugh Ward, co-head of real estate investments at Lone Star Funds, said in a release, \u201cis consistent with our strategy of buying primarily Class B apartments, including workforce housing, located in in-fill markets with strong underlying fundamentals.\u201d<\/p>\n

(In late September, Lone Star Funds acquired a 64-property, 20,439-unit apartment portfolio from Bell Partners Inc. and DRA Advisors L.L.C. for more than $1.8 billion.)
\nLone Star Funds reportedly has received $6.1 billion of fully committed financing from Goldman, Sachs & Co.<\/p>\n

In a second transaction, Home Properties has agreed to contribute a portfolio of up to six properties containing up to 3,246 units to UDR Inc., a $13 billion multi-family REIT based in metro Denver, in exchange for a combination of cash and newly issued units of a newly formed subsidiary of UDR.
\nNeither Home Properties nor Lone Star Funds would provide additional information about the two planned transactions.
\nLone Star Funds will acquire all of Home Properties\u2019 outstanding common stock for $75.23 per share, a price that represents a premium of about 9 percent over the REIT\u2019s unaffected closing stock price on April 24.<\/p>\n

\u201cWe believe this transaction with Lone Star Funds provides our stockholders with compelling value for their investment, consistent with our long-term strategy,\u201d Home Properties president & CEO Edward Pettinella said in the release.<\/p>\n

The Home Properties board has unanimously approved the merger agreement and recommended its approval by stockholders. The transaction is expected to close in the fourth quarter.<\/p>\n

BofA Merrill Lynch acted as financial advisor and Hogan Lovells U.S. L.L.P. acted as legal advisor to Home Properties.
\nGoldman, Sachs & Co. acted as exclusive financial advisor to Lone Star. Gibson, Dunn & Crutcher L.L.P. acted as corporate legal advisor, Hunton & Williams L.L.P. acted as real estate legal advisor, and Skadden, Arps, Slate, Meagher & Flom L.L.P. acted as tax legal advisors to Lone Star Funds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lone Star Funds has gone and gotten itself a major multi-family REIT based in Rochester, N.Y.<\/p>\n","protected":false},"author":882,"featured_media":1004121808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004121803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"\nLone Star Goes on Mega Shopping Spree - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lone-star-goes-on-mega-shopping-spree\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lone Star Goes on Mega Shopping Spree\" \/>\n<meta property=\"og:description\" content=\"Lone Star Funds has gone and gotten itself a major multi-family REIT based in Rochester, N.Y.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lone-star-goes-on-mega-shopping-spree\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-23T13:57:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:56:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/06\/EdPettinella6_4_12.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"344\" \/>\n\t<meta property=\"og:image:height\" content=\"243\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/lone-star-goes-on-mega-shopping-spree\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lone-star-goes-on-mega-shopping-spree\/\",\"name\":\"Lone Star Goes on Mega Shopping Spree - 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