$16.2B Essex-BRE Merger Complete

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."

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Essex Property Trust Buying BRE Properties in $4.3B Deal

Essex Property Trust, a fully integrated real estate investment trust (REIT), announced that it had entered into a definitive agreement to buy BRE Properties for about $4.3 billion, creating the largest publicly traded apartment owner on the West Coast. The combined company is expected to have a pro forma equity market capitalization of approximately $10.4 billion and a total market capitalization of approximately $15.4 billion. The transaction forms the only publicly traded real estate investment trust solely focused on West Coast apartments, and will provide a greater competitive advantage, said Michael Schall, president and chief executive officer of Essex in Palo Alto, in a San Francisco Chronicle article. Upon completion of the merger, the company will retain the Essex name and will continue to trade under the ticker symbol ESS (NYSE). The transaction is expected to close during the first quarter of 2014.

"The combination of Essex and BRE creates a stronger platform for sustainable growth and value creation going forward. The combined company will be the largest and only publicly traded pure play apartment REIT on the West Coast which we believe will provide a greater competitive advantage in our markets," said Schall. "In addition, by combining the strengths of the two platforms, which have a significant geographic overlap, we expect to realize operating efficiencies and further enhance our growth profile."

"For over a year, BRE's board and management team have been evaluating alternatives to maximize shareholder value. We are pleased to have reached this agreement with Essex, which we believe will deliver significant value to all of our stakeholders," said Constance Moore, Chief Executive Officer of BRE Properties. "This transaction will create a must-own sharpshooter REIT focused on West Coast apartments, and we believe this is a great outcome for our Company. After careful consideration, we determined that combining with Essex is the best way to accelerate our strategic plans and create an organization with greater reach, capabilities and financial resources. We are especially pleased that BRE shareholders will realize compelling and immediate value as well as shares in one of the industry's most highly regarded companies, so they can participate in the upside potential inherent in this powerful combination. Our team is looking forward to working with Essex's management to create a platform with best-in-class associate talent and practices."

For more news and information visit Blumberg Capital Partners.