KKR Real Estate Partners Americas III fund, managed by KKR & Co. Inc. entered into a definitive agreement to acquire Portfolio of 19 Purpose-Built Student Housing Properties from Blackstone Real Estate Income Trust, Inc. for approximately $1.6 billion.

KKR Real Estate Partners Americas III fund, managed by KKR & Co. Inc. (NYSE:KKR) entered into a definitive agreement to acquire Portfolio of 19 Purpose-Built Student Housing Properties from Blackstone Real Estate Income Trust, Inc. for approximately $1.6 billion on April 25, 2024. Upon closing of the transaction, the portfolio will be managed by University Partners.

The transaction is expected to close by the third quarter of 2024, subject to customary closing conditions. Gibson, Dunn & Crutcher LLP served as legal advisor to KKR. TSB Capital Advisors and J.P. Morgan Securities LLC served as BREIT?s financial advisors.

Krista Miniutti, Samuel Rudik and Nancy L. Mehlman of Simpson Thacher & Bartlett LLP served as BREIT?s legal advisor.