Confident the merger will be affirmed, the companies also announced a $100 million investment by Warburg Pincus, a global private equity firm, in the new company. Under the terms of the investment, Warburg Pincus will purchase approximately 18 million shares of a new class of preferred stock, and warrants to purchase an aggregate of 2.5 million shares of common stock of Price Legacy Corp. at an exercise price of $8.25 per share.
Following the merger, Price Legacy Corp. and its parent will own and operate 45 properties and be involved in 13 development projects in 12 states.
The companies announced that June 25 has been set as the date for determining the holders of Legacy's outstanding debentures and notes that will be entitled to participate in the exchange offer being conducted in connection with the proposed merger.
Excel Legacy, based in the North San Diego County suburb of Vista, is a real estate company which acquires, sells, develops, manages, invests, finances and operates real property and related businesses. Price Enterprises Inc. is a REIT that acquires, develops, and manages open-air retail properties in 13 states.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
