The IPC REIT started to shop itself in January. The press release about the agreement was issued late yesterday. The IPC REIT release says its board of trustees unanimously agreed to the buy-out and will recommend approval to unit holders, who will meet in mid-October to vote on the offer.

The agreement builds in a "go-shop" clause, which expires Sept. 30. There is a $6-million breakup fee if the seller's board changes its mind or takes a superior offer. Behringer Harvard also has the right to match any other deal that goes on the table. After Sept. 30, IPC REIT is free to respond to any unsolicited proposals, but is subject to a $12-million breakup fee.

The Canadian REIT's portfolio is weighted with assets in CBDs or top-ranked submarkets like Houston's Galleria, where it owns the 574,812-sf Loop Central at 4848 Loop Central Dr. and its only one in Texas since April's sale of the843,728-sf 2100 Ross Ave. in Downtown Dallas. It also owns properties in Florida, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Nevada, New Hampshire, New Jersey, New York, Ohio, Pennsylvania and Tennessee.