Chicago — Campus Crest Communities Inc. has agreed to be purchased by Harrison Street Real Estate Capital LLC for $1.9 billion, including debt.
The acquisition, valued at $7.03 per share, includes $6.90 in cash per share and the net proceeds from Campus Crest’s sale of two Montreal properties in which it shares a joint venture interest.
The final value, according to Campus Crest, would only be determined after the sale of the Montreal properties, which is expected to occur before the end of the month.
The boards of both companies have approved the transaction, which is expected to close during the first quarter of 2016.
Moelis & Co. is financial adviser to Campus Crest, and Kilpatrick Townsend & Stockton LLP is the company’s legal adviser.
Raymond James and Associates is the financial adviser to Harrison Street, and DLA Piper LLP is its legal adviser.