By Sheri Kasprzak
New York, Sept. 23 - Education Realty Trust, Inc. said it received definitive agreements for a $70 million private placement.
The company will issue 4,375,000 shares at $16.00 each to institutional investors by Sept. 30.
Proceeds from the offering will be used to partially fund an acquisition from Place Properties, LP a portfolio of 13 collegiate student-housing communities in six states. The acquisition, which is expected to cost $195 million, is expected to close in the fourth quarter.
Based in Memphis, Education Realty Trust acquires and operates collegiate student housing at 35 universities in 21 states.
| Issuer: | Education Realty Trust, Inc.
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| Issue: | Stock
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| Amount: | $70 million
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| Shares: | 4,375,000
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| Price: | $16.00
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| Warrants: | No
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| Announcement date: | Sept. 23
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| Settlement date: | Sept. 30
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| Stock price: | $16.48 at close Sept. 22
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