American Campus Communities Announces Capital Recycling Activity via Joint Venture with Harrison Street’s Social Infrastructure Platform
American Campus Communities Inc (ACC)
Last american campus communities inc earnings: 4/20 04:15 pm
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US:NYSE Investor Relations:
ir.americancampus.com
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Source: Business Wire
AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties in the U.S., today announced that the company has formed a joint venture for the ownership of its existing eight-property Arizona State University (ASU) student housing portfolio. Harrison Street, as part of its social infrastructure platform, acquired a 45 percent interest in the joint venture, with the company owning the majority 55 percent interest. The transaction is structured with a two-stage closing. The first stage closed on December 31, 2021 and involved the contribution of three properties to the joint venture and provided the company with proceeds of $271.7 million. The second stage is currently expected to close in late 2022 or early 2023 and will involve the contribution of the remaining five properties for expected proceeds of $279.6 million, subject to customary closing conditions, including no material adve
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