(To read more on the debt and equity markets, click here.)
OAK BROOK, IL-CenterPoint Properties Trust goes private today, when a $3.4-billion deal with joint venture partners California Public Employees' Retirement System and LaSalle Investment Management closes. Shareholders of the locally focused REIT, the largest industrial property owner in the Chicago market, ratified the $50-per-share deal Tuesday.
Owners of a majority of the company's outstanding shares voted for the merger. Although 28% of CenterPoint Properties Trust shares were not voted, nearly 72% of the votes cast were in favor of folding the company's 33-million-sf portfolio, as well as most of its 100 employees.
CenterPoint Properties Trust has been a joint venture partner with CalEast Industrial Investors, a joint venture including California Public Employees' Retirement System and LaSalle Investment Management.
The per-share price was 13% higher than its average during the three months before the merger deal was struck. In addition to buying the stock, the joint venture assumes company debt, including convertible preferred shares.
CenterPoint Properties Trust's board of directors was advised by Wachovia Securities and Kirkland & Ellis. Morgan Stanley and Jones Day provided financial and legal advice, respectively, to CalEast.
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.
