Brief: Altisource Residential announces acquisition of about 4,250 single family rental homes

Altisource Portfolio Solutions SA

30/09/2016 20:09

Sept 30 (Reuters) - Altisource Residential Corp  RESI.N  
    * Altisource Residential Corporation announces acquisition 
of approximately 4,250 single family rental homes 
    * Deal for $652.3 million 
    * Says assets were acquired from investment funds sponsored 
by Amherst Holdings, LLC 
    * Acquired portfolio of 4,262 single family rental 
properties for aggregate purchase price of $652.3 million in 
seller financed deal 
    * Seller financing for transaction represented 75% of 
purchase price and was provided pursuant to a loan agreement 
    * Altisource Residential Corp says acquisition of properties 
will keep co on track to achieve its stated goal of 10,000 
rental homes by end of 2016 
    * Residential obtained waiver of exclusivity provisions in 
existing master services agreement with Altisource Portfolio 
Solutions S.A. to complete portfolio deal 
    * The parties agreed to certain amendments to agreement, 
including a contingent liquidation fee of $60 million 
 
Source text for Eikon:  ID:nGNXNHGGSa  
Further company coverage:  RESI.N  
 
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