Highwoods to acquire office assets from Preferred Apartment Communities for $769m.

Highwoods, a real estate investment trust company, agreed to acquire a portfolio of office assets from Preferred Apartment Communities, a differentiated REIT, for $769m. "The portfolio of properties from PAC fits perfectly with our existing BBD strategy and footprint. This high-quality portfolio gives us entry into two new BBDs that have long been on our wish list, nearly doubles our presence in Charlotte to 1.6m square feet and further strengthens our market share in Raleigh. Further, there is long-term upside from potential synergies with our existing portfolio and an attractive redevelopment parcel in Atlanta," Ted Klinck, Highwoods President and CEO.