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Deal Tracker
Mergers and
privatizations continued at a rapid clip in the REIT
industry in the first seven
months of 2006, as REIT operators stock up on assets and private
investors continue
to take over publicly-traded REITs. Major private-investors–especially
private-equity firms—are still looking for ways to deploy capital
in commercial real estate. And managements of publicly-traded
REITs, who have
seen their shares flatten in recent months, making managements
are more receptive to bids that can provide a premium for shareholders
and remove the costs
and stresses associated with operating a publicly traded company.
According to SNL Financial, there were $30.62 billion in REIT
mergers, acquisitions and privatizations through July 10. In
all of 2005, $28.77 billion in similar deals were closed; in 2004, just
$5.69 billion.
| Deals
Through July |
| Announced |
Acqurirer |
Target |
Property
Types |
Value
($Billions) |
7/23/2006
|
Lexington Corporate Properties Trust
|
Newkirk Realty Trust Inc.
|
Diversified
|
$4.60 |
| 7/10/2006 |
Kimco Realty Corp. |
Pan Pacific Retail Properties Inc. |
Shopping Center |
$4.00 |
| 7/9/2006 |
Centro Properties/Watt Family Prop. |
Heritage Property Investment Trust Inc. |
Shopping Center |
$3.20 |
| 6/5/2006 |
JV of Brookfield and Blackstone |
Trizec Properties and Trizec Canada |
Office |
$8.90 |
| 5/22/2006 |
Braveheart Holdings LP |
Boykin Lodging Co. |
Full Service Hotel |
$0.42 |
| 3/6/2006 |
Blackstone Group |
CarrAmerica Realty Corp. |
Office |
$5.60 |
| 3/6/2006 |
Public Storage Inc.
|
Shurgard Storage Centers Inc. |
Self-Storage |
$5.00 |
| 2/20/2006 |
Blackstone Group |
MeriStar Hospitality |
Full Service Hotel |
$2.60 |
| 2/10/2006 |
LBA Realty LLC |
Bedford Property Investors |
Office |
$0.90 |
| Source:
SNL FINANCIAL |
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