Business
BSR REIT Completes Strategic Sale of Dallas Portfolio to AvalonBay Communities for $431.5 Million
BSR REIT Completes Strategic Sale of Dallas Portfolio to AvalonBay Communities for $431.5 Million...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n BSR REIT Completes Strategic Sale of Dallas Portfolio to AvalonBay Communities for $431.5 Million\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n LITTLE ROCK, Ark.\n \n and\n \n TORONTO\n \n\n ,\n \n\n April 30, 2025\n \n\n /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U) (TSX: HOM.UN) today announced that it has closed the previously announced contribution transaction (the \"Contribution Transaction\"), pursuant to which BSR Trust, LLC (\"BSR Trust\"), the operating subsidiary of the REIT, sold six properties comprising 1,844 apartment units located in\n \n Dallas, TX\n \n to AvalonBay Communities, Inc. (\"AVB\") (NYSE: AVB) valued at\n \n $431,500,000\n \n in the aggregate. Under the Contribution Transaction, BSR Trust received\n \n $193,000,000\n \n in cash consideration, a portion of which was used to extinguish all existing mortgage debt on the contributed properties, and the remainder of which is anticipated to be used for transaction expenses and other general corporate purposes. In addition, the previously announced participation offer under the Contribution Transaction was fully subscribed, resulting in the cancellation of 15,000,000 (approximately 75%) of the Class B units of BSR Trust (\"Class B Units\") on the date hereof. These Class B Units were exchanged for equity (\"AVB DownREIT Units\") of a newly formed \"DownREIT\" partnership entity of AVB.\n \n\n In connection with the Contribution Transaction, the contractual rights held by a subset of legacy holders of Class B Units (the \"Bailey/Hughes Holders\"), including consent rights over certain fundamental sale transactions, were eliminated pursuant to an amendment and restatement of the investor rights agreement entere...