(Reuters) -Asset manager Blackstone is taking private rental housing firm Apartment Income REIT, known as AIR Communities, for $10 billion in cash, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Shares of the real estate investment trust jumped 23.64% in premarket trading.
Blackstone also plans to invest another $400 million to improve the REIT’s 76 rental housing communities, which are located in primarily coastal markets, the report said.
(Reporting by Ananta Agarwal in Bengaluru; Editing by Arun Koyyur)
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