Essex Property Trust announced the completion of the company's merger with BRE Properties, a transaction that forms a combined company with equity market capitalization of approximately $11 billion and a total market capitalization of approximately $16 billion. UBS Investment Bank served as lead financial advisor to Essex with Citigroup serving as financial advisor. Wells Fargo Securities acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to BRE. Essex Property Trust has ownership interests in 233 multifamily properties with an additional 15 properties in various stages of development, according to a REIT.com article.
"We are excited to consummate the merger and move forward to combine these two great organizations to form the leading West Coast multifamily REIT," said Michael Schall, President and Chief Executive Officer of Essex. "The integration effort is proceeding as planned, which we believe will result in a stronger platform for sustainable growth, superior service for our residents, and expanded career opportunities for our employees. I want to thank the employees of both companies for their hard work, dedication and support."
"We are pleased that our stockholders have expressed overwhelming support and approval for this merger," said Constance B. Moore, Chief Executive Officer of BRE. "The combined portfolio of Essex and BRE will provide substantial value for our stockholders through enhanced operations, improvements in the costs of capital and synergistic opportunities. On behalf of BRE’s Board and management, I want to thank our stockholders for their invaluable support throughout this process."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment