Campus Crest Communities Inc (fka CCG)

[Enterprising Investor]

Harrison Street Completes the Acquisition of Campus Crest (3/02/16)

CHARLOTTE, N.C., March 2, 2016 /PRNewswire/ -- Campus Crest Communities, Inc. (NYSE: CCG) (the "Company" or "Campus Crest"), today announced that it successfully closed its previously announced merger with an affiliate of Harrison Street Real Estate Capital, LLC ("Harrison Street"). As of the close of trading today, all of Campus Crest's common stock has been delisted from the New York Stock Exchange.

Holders of shares of Campus Crest's common stock will receive $7.018 in cash for each share of common stock held as of the closing. Prior to the closing, all of the escrowed monies related to the previously disclosed sale of the Company's Montreal joint venture interests were released from escrow. Accordingly, it will not be necessary for the parties to issue a contingent value right for any portion of the merger consideration. Additionally, at the closing, the Company set aside sufficient funds for the redemption of the Company's 8.0% Series A Cumulative Redeemable Preferred Stock, which will be redeemed on March 3, 2016, at a redemption price of $27.256, consisting of the par value of $25.00 per share, plus $2.256 per share of accrued but unpaid dividends.

Additionally, as previously disclosed, Campus Crest Communities, L.P., the Company's operating partnership, will commence an offer to purchase the outstanding 4.75% Senior Exchangeable Notes due 2018 on the terms and conditions set forth in the documents related thereto and the underlying indenture.

Raymond James and Associates, Inc. acted as financial advisor to Harrison Street and DLA Piper LLP (US) acted as Harrison Street's legal advisor. Moelis & Company LLC acted as financial advisor to Campus Crest and Kilpatrick Townsend & Stockton LLP acted as the Company's legal advisor.

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 $8.4 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 $11.5 billion of real estate throughout 530 properties in 40 states including over 69,000 student housing beds, more than 17,000 senior housing units, over 6.1 million square feet of medical office space, and more than 97,000 self-storage units. For more information please visit www.harrisonst.com.

http://www.prnewswire.com/news-releases/harrison-street-completes-the-acquisition-of-campus-crest-300229955.html