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Blackstone to purchase House Companions of America in $6 billion deal By Reuters 

© Reuters. FILE PHOTO: The ticker and buying and selling info for Blackstone Group is displayed on the submit the place it’s traded on the ground of the New York Inventory Alternate (NYSE) April 4, 2016. REUTERS/Brendan McDermid

(Reuters) -Blackstone Group on Tuesday agreed to amass House Companions of America, which acquires and rents single-family properties, in a $6 billion deal, the private-equity agency stated on Tuesday.

The U.S. housing sector has develop into pink scorching, boosted by a robust financial restoration, ultra-low rates of interest and continued demand for larger properties from individuals working remotely because of the pandemic.

House Companions owns greater than 17,000 homes in the USA that it rents out to tenants who’re given an choice to purchase them finally.

“The basic premise of the House Companions platform is to supply residents with the chance to dwell of their chosen house with the choice to buy it,” Jacob Werner, Blackstone (NYSE:) actual property senior managing director, stated in an announcement.

The deal is anticipated to shut within the third quarter, the businesses stated.

Goldman Sachs (NYSE:) and Co LLC was monetary adviser to House Companions, whereas Sidley Austin LLP and Fried, Frank, Harris, Shriver & Jacobson LLP acted as its authorized counsel.

BofA Securities and Wells Fargo (NYSE:) Securities had been monetary advisers to Blackstone, whereas Simpson Thatcher and Bartlett LLP was its authorized counsel.

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