CHARLOTTE, N.C., Feb. 2, 2015 /PRNewswire/ -- Campus Crest
Communities, Inc. (NYSE: CCG) (the "Company"), an owner and manager
of high-quality student housing properties, today announced the
successful completion of the previously announced Copper Beech
transaction and the closing of the disposition of six undeveloped
parcels of land held for sale.
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Copper Beech Transaction - In the Copper Beech
transaction, which was announced on November
3, 2014, the Company is acquiring the remaining interest in
32 properties in the Copper Beech portfolio. Total consideration
being paid consists of approximately $60.3
million cash, approximately $140.6
million of debt assumption and the issuance of approximately
12.4 million operating partnership units. All of the consideration
was payable at the initial closing on January 30, 2015, other than $1.4 million in cash and approximately 2.0
million OP Units which will be payable at a second closing expected
to occur toward the end of February upon receipt of required lender
consents for two of the properties.
Land Dispositions - Separately, the Company
announced the sale of a portfolio of six undeveloped land parcels
to a leading student housing developer for an undisclosed purchase
price. The portfolio included parcels located in Alabama, Arizona, California, Florida, Michigan and Washington. The sale was a
part of the Company's previously announced strategic initiative to
improve liquidity and simplify the balance sheet by selling certain
properties previously held for development. The Company disposed of
the parcels through a rigorous sale process which resulted in
noticeable demand from a wide spectrum of bidders with numerous
offers received – including multiple portfolio offers.
"We are pleased to announce the completion of both transactions.
Not only do they bring balance sheet strength and clarity, but they
are testament to our disciplined approach to capital allocation and
our committed execution of the strategic repositioning of Campus
Crest," said Richard Kahlbaugh,
Executive Chairman and Interim Chief Executive Officer.
"Copper Beech provides diversification and scale while the land
sales unlocked value and enhanced liquidity. Both transactions were
promised to investors and both were delivered. We thank our
investors for their continued support and recognition of the
progress being made," said Aaron
Halfacre, Chief Investment Officer.
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 86
student housing properties with over 46,000 beds across
North America. Additional
information can be found on the Company's website at
http://www.campuscrest.com.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Forward-looking statements relate to expectations,
beliefs, projections, future plans and strategies, anticipated
events or trends and similar expressions concerning matters that
are not historical facts. In some cases, you can identify
forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts" or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company's Quarterly Reports
on Form 10-Q.
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SOURCE Campus Crest Communities, Inc.