CB Richard Ellis, Insignia Unload $44M of Assets
Insignia Financial Group and CB Richard Ellis have sold $44 million worth of Insignia-owned real estate assets to a fund controlled by Insignia Financial chairman Andrew Farkas. Farkas founded Insignia Financial Group, which is the parent company of Insignia/ESG.
Farkas’ new entity, Island Fund, will also shoulder approximately $7.8 million worth of employment-related contractual obligations.
Based on this deal, CB Richard Ellis has increased its per-share price for IFG from $11 to $11.156 per share. The value of the merger, which was announced last March, will rise by $4 million to $419 million, which includes the assumption of debt. Insignia will keep nearly $12 million worth of liabilities relating to the investment assets, among them minority stakes in strip malls and offices, development sites and a funs that invests in CMBS.
CB Richard Ellis also announced yesterday that it will borrow $75 million to fund the merger. The merger was originally slated to be consummated in June, but has since been pushed back to July.
Acceptable Use Policy blog comments powered by Disqus
Want to use this article? Click here for options!
© 2012 Penton Media Inc.
advertisement
Photo Galleries
Hudson Yards Development
Check out images for Coach's new global headquarters, which will anchor the initial tower of the Eastern Rail Yards site within the 26-acre mixed-use Hudson Yards Development on Manhattan's far West Side.
Outstanding Women in Commercial Real Estate
From housing low-income families in Southern California to closing some of Manhattan's largest office leases, women leaders are using commercial real estate as a platform to reshape communities while they drive investor returns.
Click here to view more photo galleries.
Videos
2012 MBA CREF/Multifamily Housing Convention & Expo Video Blogs
Check out the Vlogs from the 2012 MBA CREF/Multifamily Housing Convention & Expo from JLL...
Click here to view more videos.
advertisement
Blogs
|
Traffic Court |
|
BlackSwan |
This Week's Most Popular
Current Issue
|
|







