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BNP Residential Gives Nod to $766M Deal

CHARLOTTE, NC-The locally based company agrees to merge with a subsidiary of Australian-headquartered Babcock & Brown Real Estate Investments.

By Melissa Kress | Updated on August 31, 2006

(To read more on the multifamily market, click here.)

CHARLOTTE, NC-In a $766-million deal, the board of directors of locally based BNP Residential Properties, Inc. has agreed to merge with a wholly owned subsidiary of Babcock & Brown Real Estate Investments LLC. The deal is expected to close in the fourth quarter.

The transaction calls for Babcock & Brown to acquire all of BNP’s common stock for $24 per share, cash. The total deal value includes the equity shareholder acquisition price of approximately $316 million and the ability to either assume or refinance approximately $450 million of existing BNP debt, according to a press release.

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