Motion Fails To Stop Golf REIT Vote

SANTA MONICA, CA-The shareholder vote on Goldman Sachs’ proposed $1.1 billion buyout of National Golf Properties can proceed, a Los Angeles County Superior Court has ruled.

The court has denied a motion to prevent the shareholder vote on Goldman Sachs’ previously announced offer to acquire the financially troubled real estate investment trust and its affiliated private company, American Golf Corp., for $1.1 billion. The partners in the buyout would include affiliates of GS Capital Partners 2000 and Whitehall Street Global Real Estate Limited Partnership 2001, both of which are affiliates of Goldman, Sachs & Co., and SOF-VI U.S. Holdings, an affiliate of Starwood Group Global LLC.

National Golf is a publicly traded REIT specializing in the ownership of golf courses, including 116 courses at 104 facilities in 22 states.