India, Sept. 9 -- Wednesday, Independence Realty Trust, Inc. (IRT) and Centerspace (CSR) announced an agreement to merge their businesses in an all-stock transaction, creating a middle-market multifamily REIT.
The combined company, with a total enterprise value of approximately $8.1 billion, will strengthen IRT's diversification across Sunbelt, Midwest, and Mountain West markets, while improving its access to capital markets and lowering its cost of capital over the long term. Meanwhile, Centerspace will benefit from enhanced access to capital markets and a meaningful reduction in leverage.
As per the terms of the deal, Centerspace shareholders will receive 3.800 shares of IRT common stock for each share of Centerspace common stock owned ...