Charleston, S.C. and Memphis, Tenn. — The Wall Street Journal has reported that Charleston-based Greystar Real Estate Partners LLC is in exclusive talks to acquire Memphis-based EdR for $3.1 billion.
Greystar has reportedly offered $41.50 per share for the company, although it is possible that the price could change between now and the announcement, which is expected later this week.
The article notes that at least one other group — led by The Scion Group and Harrison Street Real Estate Capital — has submitted a bid and is still hoping to reach an agreement with EdR. Sources have reported to the Wall Street Journal that this bid has been frozen out as a result of an exclusivity arrangement.
Student Housing Business will continue to report as new information arises, and will release a special newsletter later this week with industry insight.