Behringer's $1.4B IPC REIT Play Set to Close

TORONTO-A source tells GlobeSt.com that Behringer Harvard’s $1.4-billion definitive agreement to acquire locally based IPC US REIT and its portfolio of 35 class A office buildings in the US is getting set to close. According to information released at the time of the deal’s announcement in August, the $1.4-billion transaction breaks down to about $600 million in equity and $800 million of assumed debt.

IPC US REIT’s portfolio is top heavy with such top tier assets as the 574,812-sf Loop Central at 4848 Loop Central Dr. in Houston’s Galleria. It also owns properties in Florida, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Nevada, New Hampshire, New Jersey, New York, Ohio, Pennsylvania and Tennessee. Altogether the portfolio stretches across 9.6 million sf in 13 states.