GMH Communities Trust (GCT) Announces Sale To American Campus Communities (ACC)

February 12, 2008 8:16 AM EST

Early Tuesday, GMH Communities Trust (NYSE: GCT) entered into two definitive agreements in connection with the sale of the military and student housing divisions of GMH Communities Trust.

The first agreement is a securities purchase agreement with a U.S. subsidiary of Balfour Beatty plc pursuant to which Balfour Beatty will purchase the Company's military housing division.

The second agreement is a merger agreement with American Campus Communities, Inc. (NYSE: ACC), pursuant to which, following the closing of the Military Housing Transaction, the Company will be acquired by a subsidiary of ACC. The aggregate per share value of both the Military Housing Transaction and the Merger is expected to be approximately $9.61 per share/unit, based on the closing price of ACC's shares of common stock on February 11, 2008. The per share/unit value represents a premium of 72% to the closing price of the Company's common shares on February 11, 2008.

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