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UPDATE: CenterPoint Ratifies Sale

OAK BROOK, IL-A majority of the REIT's shareholders approve the $3.4-billion deal with joint venture partners California Public Employees' Retirement System and LaSalle Investment Management. The deal is scheduled to close today.

By Mark Ruda | Updated on March 08, 2006

(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.

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