Market Overview

Equity Residential to Sell $1.5B in Assets of Goldman/Greystar JV

Share:
Related EQR
Credit Suisse Reiterates Neutral Rating, Raises Price Target On Equity Residential On Positive 4Q14 Beat
Equity Residential Appoints Stephen E. Sterrett to Board of Trustees
Essex Property Buys Los Angeles Asset to Boost Portfolio - Analyst Blog (Zacks)

Equity Residential (NYSE: EQR) today announced that the company has entered into an agreement to sell a portfolio of assets to a joint venture of the Real Estate Principal Investment Area of Goldman, Sachs & Co. and Greystar Real Estate Partners LLC for $1.5 billion. The transaction values the 27 properties at approximately $187,000 per apartment unit and a capitalization rate in the mid to high 5% range. Per the agreement, Equity Residential has granted the buyer the right to exclude up to 8% of the value of these assets from their purchase. As a result, Goldman Sachs and Greystar have the contractual right to acquire all of the assets for $1.5 billion but are obligated to purchase not less than $1.38 billion of assets. The buyers have deposited $150 million in escrow and have waived their due diligence contingency. The transaction is expected to be completed in two separate closings, both of which will occur in the first quarter of 2013.

Posted-In: News Asset Sales

 

Related Articles (EQR)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content