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Owners Developers & Managers
Posted: January 23, 2008
BPG Props. purchases Boston Capital RE Investment Trust for $260 million
The sale of Boston Capital Real Estate Investment Trust Inc. to BPG Properties Ltd. for $260 million was finalized. Boston Real Estate Investment Trust is a publicly-owned real estate investment trust affiliated with Boston Capital.
An affiliate of Philadelphia-based BPG, BPG Investment Partnership VIII and VIII A LP, acquired the Boston Capital's portfolio in an all-cash transaction that amounts to about $13.30 per share or a 33% premium over the company's original $10 a share price. The acquisition includes the assumption of debt and other fees. Boston Capital REIT's board and shareholders signed off on the deal.
As a result of the transaction, BPG acquired a portfolio of 11 apartment communities totaling 3,098 units in Seattle, Wash., Portland, Ore., Salt Lake City, Utah, Florida and Texas. BPG plans to invest $15 million in upgrades across the Boston Capital portfolio.
The is the second-largest purchase made by BPG Properties. BPG owns more than 25,000 apartment units in over 100 communities throughout the United States.
Boston Capital is a real estate investment and advisory firm headquartered in Boston.
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