CHARLOTTE, N.C., Jan. 26, 2016 /PRNewswire/ -- Campus Crest
Communities, Inc. (NYSE: CCG) (the "Company" or "Campus Crest"),
announced today that holders of its outstanding shares of common
stock approved the acquisition (the "Merger") of Campus Crest by
affiliates of Harrison Street Real Estate Capital, LLC
("Harrison Street") at the Company's
annual shareholder meeting held earlier today. Approximately 99.3%
of the votes cast were in favor of the Merger.
The closing of the Merger remains subject to the satisfaction or
waiver of customary closing conditions related to the Merger,
including but not limited to the receipt of certain lender
consents. Campus Crest currently expects the Merger to close by the
end of February. Upon the closing of the Merger, the Company will
no longer be a publicly-held company and shares of its common stock
will be delisted from the New York Stock Exchange and deregistered
under the Securities Exchange Act of 1934, as amended.
Aaron Halfacre, President and
Chief Investment Officer of Campus Crest, said, "We are pleased by
our investors' overwhelming support of the transaction. Campus
Crest and Harrison Street are
working diligently toward a successful closing and look forward to
announcing the official closing date once all of the closing
conditions have been satisfied."
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 79
student housing properties with over 42,000 beds across
North America. Additional
information can be found on the Company's website at
http://www.campuscrest.com.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital is a real estate private
equity firm founded in 2005 by real estate veteran Christopher Merrill, Chris Galvin (former Chairman & CEO of
Motorola) & Mike Galvin (former
Assistant Secretary of the U.S. Commerce Department for Export
Administration) that directly and through its affiliates, has
approximately $8 billion in assets
under management (AUM) through commingled funds and public
securities products. The commingled funds focus exclusively on the
Education, Healthcare and Storage segments of the US & European
real estate markets. Since inception, the Firm has acquired or
developed over $10 billion of real
estate throughout 480 properties in 40 states including over 63,000
student housing beds, more than 14,000 senior housing units, over
5.9 million square feet of medical office space, and more than
92,000 self-storage units. For more information please visit
www.harrisonst.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. The forward-looking statements, which include
statements regarding the proposed Merger between the Company and
Harrison Street, may be identified
by the inclusion of words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," "goal" and
variations of such words and other similar expressions, and are
based on current expectations, estimates, assumptions and
projections that are subject to change, and actual results may
differ materially from the forward-looking statements. These
statements, as they relate to the Company or Harrison Street, the management of either such
company or the proposed Merger, involve risks and uncertainties
that may cause results to differ materially from those set forth in
the statements. The Company intends that such forward-looking
statements be subject to the safe-harbor provided by the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, performance or
achievements or industry results to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Many factors, including
the following, could cause actual results to differ materially from
the forward-looking statements: the occurrence of any event,
change or other circumstances that could give rise to the
termination of the Merger agreement; the outcome of any legal
proceedings that may be instituted against the Company and others
in connection with the proposed Merger; the inability to complete
the proposed Merger due to the failure to satisfy the conditions to
the Merger, including obtaining lender consents and other closing
conditions more fully described in the Merger agreement; risks that
the proposed Merger disrupts current plans and operations of the
Company; potential difficulties in employee retention as a result
of the proposed Merger; the value of any CVRs which may be issued
in connection with the Merger; legislative, regulatory and economic
developments; risks related to disruption of management's attention
from the Company's ongoing business operations due to the proposed
Merger; the effect of the announcement of the proposed Merger on
the Company's relationships with colleges and universities,
relationships with tenants, operating results and business
generally, and other risks and uncertainties described under "Item
1A. Risk Factors" in the Company's Annual Report on Form 10-K for
the year ended December 31, 2014 and
in the Company's Quarterly Reports on Form 10-Q for the fiscal
quarters ended March 31, 2015 and
June 30, 2015 and in other documents
filed with the Securities and Exchange Commission ("SEC") by the
Company. Given these uncertainties, current and prospective
investors should be cautioned in their reliance on such
forward-looking statements. Except as required by law, the Company
disclaims any obligation to update any such factors or to publicly
announce the results of any revision to any of the forward-looking
statements contained herein to reflect future events or
developments. A more comprehensive discussion of risks,
uncertainties, financial reporting restatements, and
forward-looking statements may be seen in the Company's Annual
Report on Form 10-K and other periodic filings with the SEC.
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SOURCE Campus Crest Communities, Inc.