American Campus Communities (ACC) Completes Acquisition of CMH Communities Trust
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American Campus Communities, Inc. (NYSE: ACC) today announced that it has completed the acquisition of GMH Communities Trust (NYSE: GCT). The deal increases American Campus' total market capitalization from $1.3 billion to $2.5 billion.
Related to the closing, American Campus formed a joint venture with Fidelity Real Estate Group, on behalf of an institutional fund, and transferred 15 GMH student housing properties to the venture with an estimated value of $326 million. American Campus will provide management services for the properties and holds a minority interest in the venture.
American Campus Communities, Inc., a real estate investment trust (REIT), engages in the acquisition, design, finance, development, lease, and management of student housing properties in the United States.
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