Independence Realty Trust to buy Centerspace for $1.02 billion
IRT•Ownership split and expected timing
Centerspace shares were up 4.3% in premarket trading, while Independence shares were slightly lower.
Upon completion, IRT stockholders will own about 78% and Centerspace shareholders about 22% of the combined company, which will be worth about $8.1 billion.
The deal is expected to close by the end of the fourth quarter of 2026.
Independence Realty Trust to acquire Centerspace in all-stock deal
Sept. 9 (Reuters) - Independence Realty Trust IRT.N said on Wednesday it would buy Centerspace CSR.N in an all-stock deal that values the smaller rival at about $1.02 billion, as the REIT seeks to expand its residential portfolio.
The acquisition of Centerspace, which owns and operates apartment communities, will give Independence access to a growing Sunbelt portfolio and the Midwest and Mountain West markets.
