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Campus Crest, Harrison Street Real Estate Capital sign merger agreement.

BANKING AND CREDIT NEWS-October 23, 2015-Campus Crest, Harrison Street Real Estate Capital sign merger agreement


Campus Crest Communities, Inc. (NYSE: CCG) said it has entered into a definitive merger agreement with affiliates of Harrison Street Real Estate Capital, LLC under which Harrison Street will acquire all issued and outstanding shares of common stock of Campus Crest in a transaction involving total estimated merger consideration of USD7.03 per share.

Moelis & Company LLC acted as financial advisor to Campus Crest and Kilpatrick Townsend & Stockton LLP is acting as the company's legal advisor. Raymond James and Associates, Inc. is acting as Harrison Street's financial advisor and DLA Piper LLP (US) is acting as legal advisor to Harrison Street.

The agreement includes net sale proceeds currently estimated to be valued at up to USD0.13 per share from the separate sale of the company's ownership interest in its Montreal joint venture. Including the assumption or repayment of various indebtedness of Campus Crest, the overall transaction value is USD1.9 billion. The board of directors of the company unanimously approved the merger agreement.

Under the terms of the merger agreement, the final merger consideration will be determined following the closing of the Montreal sale, currently expected to occur before October 30, 2015.

Campus Crest Communities, Inc. is a leading owner and manager of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in 79 student housing properties with over 42,000 beds across North America.

Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005 that directly and through its affiliates, has approximately USD8 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the education, healthcare and storage segments of the US and European real estate markets. Since inception, the Firm has acquired or developed over USD10 billion of real estate throughout 480 properties in 40 states.

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Publication:M2 Banking & Credit News (BCN)
Date:Oct 23, 2015
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