Campus Crest Shareholders Approve Harrison Street Acquisition

Copper Beech Allendale, in Allendale, Michigan, is a 904-bed student housing property owned by Campus Crest Communities. The property serves students at Grand Valley State University. Copper Beech Allendale, in Allendale, Michigan, is a 904-bed student housing property owned by Campus Crest Communities. The property serves students at Grand Valley State University.

Charlotte, N.C. — Shareholders of Campus Crest Communities (NYSE:CCG) approved the merger of the company with Chicago-based Harrison Street Real Estate Capital at the company's annual meeting on Tuesday, January 26, with 99.3 percent of shareholders voting in favor of the merger. Harrison Street announced it would acquire Campus Crest for a value of $1.9 billion in October 2015. 

"We are pleased by our investors' overwhelming support of the transaction" said Aaron Halfacre, president and chief investment officer of CCG. "Campus Crest and Harrison Street are working diligently toward a successful closing and look forward to announcing the official closing date once all the closing conditions have been satisfied."

The approval gives the green light for the merger to close pending the completion of other outstanding items. Campus Crest disclosed that it expected to lay off 70 employees at its Charlotte headquarters in February, via filings with the North Carolina department of commerce in December.  Campus Crest owns an interest in 79 student housing properties comprising a reported 42,000 beds. Separately, Harrison Street owned 36,000 beds as of the end of October 2015.

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