Grubb & Ellis Company announced that it had received an $18 million financing commitment from Colony Capital, LLC according to a CoStar report. As part of the commitment, Colony was granted the right to an exclusive 60-day negotiating period during which it can evaluate a potential larger strategic investment with Grubb & Ellis. Grubb & Ellis announced last month that it had been considering a possible sale or merger. If Grubb & Ellis and Colony enter into a definitive agreement for a strategic transaction, Grubb & Ellis retains the right to solicit competing strategic transactions for a period of 25 business days. JMP Securities served as financial advisor to Grubb & Ellis in connection with this financing.
"Colony Capital is a premier real estate investment and advisory firm with a strong track record of identifying undervalued real estate and corporate investment opportunities, and we welcome their support and the confidence they have shown in Grubb & Ellis," said Thomas P. D'Arcy, President and CEO at Grubb & Ellis. "We will work with Colony over the next 60 days as they focus on a possible larger strategic transaction. With this show of support by Colony, our clients and partners should feel confident that our experienced team of professionals will continue to provide the same outstanding service that they have come to expect from us."
For more news and information visit Blumberg Capital Partners.
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