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BALTIMORE-The $1.5-billion cash acquisition of the Town &Country Trust by Magazine Acquisition LP, an affiliate of the jointventure involving entities of Morgan Stanley Real Estate, Onex RealEstate and Sawyer Realty Holdings LLC, has officially closed. TCTand its 37-property portfolio--featuring approximately 13,000residences in Delaware, Florida, Maryland, Pennsylvania andVirginia--were snapped up for $40.20 per share and the assumptionof existing debt. The REIT's shareholders approved the mergeragreement on March10.

The closing came after months of furious bidding betweenunsolicited suitors after TCT revealed in December 2005 that it hadentered into a definitive agreement to be acquired by MagazineAcquisition for $1.3 billion, or $33.90 per share. That news wasfollowed by Essex Property Trust Inc. and AEW Capital Management LPcoming together as Oriole Partnership with a proposal to purchaseTCT for $36 per share, only to be outdone by Berkshire PropertyAdvisors LLC's proposal of $37 per share. The bidding war continuedwith Oriole increasing the stakes to $38.50, which led MagazineAcquisition to sweeten its original offer with a jump all the wayup to $39, thereby inciting Oriole to increase its proposal to$39.50. Magazine Acquisition then countered with $39.60. Oriolenext bid $40.15, but decided to stay put after Magazine Acquisitioncame back with the winning offer of $40.20 per share on Feb.16.