Blackstone to Sell $1.6 Billion of Student Housing to KKR (1)

Blackstone Inc. agreed to sell a student-housing portfolio to KKR & Co. for $1.64 billion.

Blackstone Real Estate Income Trust will offload 19 student-housing properties with more than 10,000 beds to funds managed by KKR, according to a statement Thursday. The deal, which is expected to be completed by the third quarter, includes properties located near 14 public universities.

“This transaction is an excellent outcome for BREIT’s investors and demonstrates the strong demand for the high-quality assets in attractive markets that BREIT owns,” Jacob Werner, co-head of Americas acquisitions for Blackstone Real Estate, said in the statement.

Blackstone spent years ...