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Trizec Stockholders Approve $9B Merger

CHICAGO-Shareholders of Trizec Properties approve the sale of the company to a joint venture.

By Dana Dubriwny | Updated on September 12, 2006

CHICAGO-Trizec Properties Inc.’s stockholders have approved the $8.9-billion merger agreement the company and Trizec Holdings Operating LLC entered into on June 5 with Trizec Canada Inc. The buyer is a joint venture between New York City-based Brookfield Properties Corp. and the Blackstone Group.

Under the terms of the joint venture agreement, a company to be jointly owned by Brookfield Properties and Blackstone will acquire 100% of the outstanding common shares of Trizec Properties at $29.01 per share. Brookfield Properties will acquire 100% of the outstanding shares of Trizec Canada at $30.97 per share. The additional $1.96 per share consideration for Trizec Canada reflects the value of Trizec Canada’s net assets beyond its approximately 38% interest in Trizec Properties.

As GlobeSt.com previously reported, the Trizec portfolio consists of 61 office properties totaling 36 million sf in nine US markets. In a move that will fit strategically in its geographic niche, Brookfield Properties will manage and operate 18.5 million sf in New York, Washington, DC, Downtown Los Angeles and Houston.

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