08:57 AM EDT, 04/08/2024 (MT Newswires) -- Blackstone (BX) said Monday it has signed a deal for Blackstone Real Estate Partners X to acquire and take Apartment Income REIT ( AIRC ) private for about $10 billion in cash, including debt.

Blackstone's real estate unit will purchase Apartment Income REIT ( AIRC ) shares for $39.12 apiece, a premium of 25% to the closing share price on Friday, the company said.

The transaction is expected to close in Q3.

The asset manager said it plans to invest more than $400 million in the maintenance and improvement of Apartment Income REIT's ( AIRC ) portfolio of rental housing communities.

AIR shares were nearly 23% higher in premarket trading.

Price: 127, Change: -0.58, Percent Change: -0.45