Tags: Essex | BRE | REIT | apartment

Essex to Buy BRE for $4.3 Billion in Apartment REIT Deal

Thursday, 19 Dec 2013 09:26 AM

Essex Property Trust Inc. agreed to buy BRE Properties Inc. for about $4.3 billion, creating the largest publicly traded apartment landlord on the U.S. West Coast.

Shareholders of San Francisco-based BRE will receive 0.2971 Essex shares and $12.33 in cash, the companies said in a statement. The terms, the same as announced Dec. 9 when talks were disclosed, value BRE at about $56.21 a share based on yesterday’s closing stock price.

Buying BRE will expand Essex’s holdings in California, particularly in the San Francisco Bay area, one of the hottest U.S. apartment-rental markets. The deal will provide greater competitive advantage, said Michael Schall, president and chief executive officer of Palo Alto, California-based Essex.

“By combining the strengths of the two platforms, which have significant geographic overlap, we expect to realize operating efficiencies and further enhance our growth profile,” Schall said in the statement.

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Essex Property Trust Inc. agreed to buy BRE Properties Inc. for about $4.3 billion, creating the largest publicly traded apartment landlord on the U.S. West Coast.
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2013-26-19
Thursday, 19 Dec 2013 09:26 AM
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