Charlotte, N.C. — Campus Crest will acquire Copper Beech Townhomes in a staged acquisition.
Charlotte, N.C. — Campus Crest announced Wednesday that it had agreed to acquire Copper Beech Townhome Communities, LLC. Publicly traded Campus Crest (NYSE: CCG) wil acquire Copper Beech in a staged acquisition, beginning with a 48 percent equity interest in 35 communities. 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, according to Campus Crest. CCG's investment is contingent on a follow-up equity offering. The acquisition between the fourth and fifth largest student housing owners will effectively make Campus Crest the second largest student housing company in the industry, with approximately 42,000 beds under ownership. Please look to student housing business for more details as we continue to report this story on Thursday, February 28. To view Campus Crest's press release on the merger, click here.