Regency Centers and Urstadt Biddle Properties, both of which grocery-anchored neighborhood and community centers, have entered into a definitive agreement in which Regency will acquire Urstadt Biddle in an all-stock transaction, valued at $1.4 billion, including the assumption of debt and preferred stock. The combined company is expected to have a pro forma equity market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion.
The combined portfolio will have 481 properties encompassing more than 56 million square feet of gross leasable area.
The deal will increase Regency's footprint of grocery-anchored shopping centers and give it some geographic diversification. It will also deliver around $9 million of annual cost savings, the company said.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
