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UPDATE: Lincoln Offering $150M More Than Loan Balance for AMV

DENVER-AmeriVest Properties receives an unsolicited offer from the Dallas-based Lincoln Property Commercial Inc. for its office portfolio. The offer is met favorably by investors, as AmeriVest's stock jumps 3.5% to $4.40 per share.

By John Rebchook | Updated on February 21, 2006

(To read more on the debt and equity markets, click here.)

DENVER-Today, AmeriVest Properties received an unsolicited offer from the Dallas-based Lincoln Property Commercial Inc. for its office portfolio. In a letter of interest to the Denver-based AmeriVest Properties, Lincoln says it would consider investing a range of $130 million to $150 million of equity above AmeriVest’s “estimated current loan balances of approximately $126 million.”

Lincoln indicated that the range it quoted was based on analysis of public information and has requested additional information from the company to perform a more thorough analysis. AmeriVest, which serves small- to medium-sized office tenants, currently has approximately $127.5 million in debt.

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