Preferred Apartment Communities (PAC) said that, at the reconvened special meeting of stockholders, its stockholders approved the acquisition of PAC by Blackstone Real Estate Income Trust, Inc (BREIT).
Based on the preliminary voting results provided by the independent Inspector of Election, over 99% of votes cast were in favor of the transaction.
The transaction is expected to close on or about June 23, 2022, subject to the satisfaction or waiver of customary closing conditions.
Under the terms of the merger agreement announced on February 16, 2022, among other things, each share of PAC common stock issued and outstanding at the effective time of the merger will be automatically cancelled and converted into the right to receive, in accordance with the terms of the merger agreement, an amount in cash equal to $25.00 per share, without interest.
Upon closing of the transaction, PAC common stock will no longer be listed on any public market.
Preferred Apartment Communities owns 44 high-quality multifamily communities totaling approximately 12,000 units concentrated largely in Atlanta, Orlando, Tampa, Jacksonville, Charlotte and Nashville, and 54 grocery-anchored retail assets comprising approximately six million square feet located mostly in Atlanta, Orlando, Nashville and Raleigh.