Education Realty Trust names investors in $70 million private placement of stock

By Sheri Kasprzak

New York, Sept. 27 - Education Realty Trust, Inc. has revealed the investors in its $70 million private placement of stock.

The company, as previously reported, sold 4,375,000 shares at $16.00 each to Delaware VIP REIT Series; Delaware REIT Fund; The Real Estate Investment Trust Portfolio II; Variable Insurance Products Fund III; Fidelity Advisor Series I; Fidelity Puritan Trust; Heimdall Investments; Neuberger Berman Real Estate Income Fund; Neuberger Berman Realty Income Fund; Neuberger Berman Income Opportunity Fund; Neuberger Berman Real Estate Security Income Fund; Teachers Advisors, Inc.; TIAA-CREF Investment Management, LLC; Teachers Insurance & Annuity Association; and USB AG London.

UBS Securities LLC and JP Morgan Securities Inc. were the placement agents.

The offering is scheduled to close Sept. 30.

As already reported in Prospect News PIPE Daily, the proceeds will be used to partially fund an acquisition from Place Properties LP, a portfolio of 13 collegiate student-housing communities in six states. The acquisition, which is expected to cost $195 million, is expected to close in the fourth quarter.

Based in Memphis, Education Realty Trust acquires and operates collegiate student housing at 35 universities in 21 states.

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