Simpson, DLA Steer $3.7B Blackstone-Resource REIT Deal

By Andrew McIntyre (January 24, 2022, 1:18 PM EST) -- Simpson Thacher represented Blackstone Real Estate Income Trust in connection with its $3.7 billion purchase, announced Monday, of DLA Piper-counseled Resource REIT, which invests in apartment complexes across the U.S.

Blackstone Real Estate Income Trust Inc. is buying all shares of Philadelphia-based Resource REIT Inc. for $14.75 a share, the New York private equity shop said Monday. In doing so, Blackstone gains access to a portfolio of more than 12,000 apartment units.

That $3.7 billion figure includes assumption of Resource REIT's debt. Resource REIT is a nontraded real estate investment trust.

"We are very pleased to reach this agreement with BREIT,...

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