American Campus Communities snaps up new properties
American Campus Communities, Inc. (NYSE: ACC) shares are increasing moderately after the real estate investment trust announced it is buying the student housing business of GMH Communities Trust (NYSE: GCT) for about $1.4 billion. The deal includes outstanding debt of approximately $963 million.
American Campus’s board approved the agreement and the transaction is projected to close at the end of the second quarter. American Campus said in a statement that the deal includes the acquisition of 64 student housing properties as well as a minority interest in eight properties held in two existing joint ventures.
In morning trading, ACC shares are up 0.6%, or $0.16, at $26.61. Over the last 52 weeks, shares have ranged from $23.18 to $31.68.
