Brookfield affiliate to acquire Associated Estates Realty for $2.5 bln
U.S. real estate investment trust Associated Estates Realty Corp (NYSE, NASDAQ: AEC) has agreed to be bought by an affiliate of Brookfield Asset Management for about US$2.5 billion, including debt. The board of directors of the company has unanimously endorsed the transaction, which is expected to be completed in the second quarter, following a vote by shareholders. Headquartered in Richmond Heights, Ohio, Associated Estates manages a portfolio of 56 apartment communities containing 15,004 units located in 10 states. The Toronto-based Brookfield recently announced a US$1.1 equity issue to fund new deal opportunities.
22 April 2015•7 mins read
