Campus Crest Communities, Inc. (CCG) reported signing a purchase and sale agreement for the acquisition of Copper Beech Townhome Communities, LLC and affiliates, with the initial stage of the investment representing a 48% ownership in a portfolio of 35 student housing properties. Pursuant to this, CCG has the right, but not the obligation, to purchase the final 52% stake in the Copper Beech portfolio in stages over a period of up to three years at fixed prices.
According to the company, the $261.9 million initial investment for the initial stage includes $230.2 million to acquire equity interests and to repay nearly $106.7 million existing debt in Copper Beech and an additional $31.7 million loan to the existing investors secured by the investors' remaining equity stakes in Copper Beech.
The transaction is expected to be accretive in first full year of ownership. Following the closure of the initial investment stage, Copper Beech would have $469.1 million of mortgage debt with a weighted average interest rate of 5.7% per annum and an average term of 4.2 years to maturity.
CCG said its investment would give it additional scale and diversification, with interests in a combined portfolio of nearly 42,000 beds, comprising 2013 deliveries for CCG and Copper Beech and CCG's Philadelphia, PA development, creating the second largest public student housing platform in the U.S. by beds.
Separately, CCG announced the commencement of an underwritten public offering of 22.2 million shares. CCG plans to grant the underwriters of the offering a 30-day option to buy up to an additional 3.33 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.