 |
Brandywine Realty to buy Prentiss for $2 billionPosted by Retirement on: 2005-10-04 07:11:49 in category:
Stocks & Securities [ Print | Permalink / 0 Comment(s) ] Mon, Oct. 03, 2005 Associated Press PLYMOUTH MEETING, Pa. - Brandywine Realty Trust Monday said it will buy Prentiss Properties Trust for $2 billion, creating one of the largest office real-estate investment trusts. The deal will add properties in Washington, D.C, California and Texas to the portfolio of Brandywine, which is based in Plymouth Meeting. As part of the transaction, Prudential Real Estate Advisors will acquire a portfolio worth about $753 million of Prentiss assets, consisting of all of the company's properties in Denver and some assets in California and Washington, D.C. Brandywine will provide management and leasing for those assets, with the exception of the Denver market. Each Prentiss stockholder will receive $21.50 a share in cash and 0.690 Brandywine shares for each Prentiss share, based on a Brandywine share price of $31.16. Based on that consideration, each Prentiss shareholder will receive about $43 a share, a slight premium to Prentiss's Friday closing price of $40.60. Shares of Dallas-based Prentiss rose $1.08, or 2.7 percent, to $41.69 in Monday afternoon trading on the New York Stock Exchange. The stock traded as high as $42.40, above the 52-week high of $40.82 set Friday. Brandywine shares were fell $1.02, or 3.3 percent, to $29.63 on the NYSE. Brandywine said that upon completion of the deal, it will own and manage 49 million square feet of office space. The company currently has 24.2 million square feet in the mid-Atlantic region. The acquisition is expected to close in the fourth quarter or the first quarter of 2006. Before closing, Dallas-based Prentiss intends to proceed with the planned sale of 20 Chicago-area office and industrial properties, along with its one office property in the Detroit area. Brandywine anticipates that Prentiss Chairman Michael V. Prentiss and President and Chief Executive Thomas F. August will join Brandywine's board. In addition, the combined company's corporate structure will include several Prentiss executives, Brandywine said. Homepage Other open community sites http://www.business-business.biz Please support our sponsors: To design your custom retirement plan. http://www.retirement-plan.us For planning IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management- Nationally ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
|
Post new CommentThis site does not allow anonymous comments. Registered members can login to participate. Registration is free and takes only a few seconds |
|