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Report: Education Realty Trust in exclusive talks for $3.1B takeover by Greystar

Education Realty Trust Inc. is negotiating exclusively to be acquired by Greystar Real Estate Partners LLC for about $3.1 billion, The Wall Street Journal reported, citing unnamed sources.

The closely held integrated residential real estate company, which recently launched a $500 million commercial real estate debt fund, is proposing to acquire the student-housing real estate investment trust for $41.50 per share. The offer price could still change when the deal is announced, anticipated within the week ending June 15, according to the report.

The unnamed sources also told the publication that a group led by student-housing operator Scion Group LLC and real estate investment management firm Harrison Street Real Estate Capital LLC is still seeking to buy out Education Realty, despite the REIT's exclusive talks with Greystar.

Education Realty was earlier reported to be in talks with undisclosed private equity firms for a possible privatization deal.