 |
Daily Real Estate News | June 8, 2005 |
ING Partnership to Buy Apartment REIT
A private equity partnership sponsored by ING Clarion Partners has inked a $1.6 billion deal to acquire Gables Residential Trust, a leading apartment real estate investment trust (REIT).
The transaction reportedly is the largest public-to-private REIT deal in the history of the multifamily sector. Under terms of the accord, the ING Clarion partnership will assume and refinance an estimated $1.2 billion of company debt and preferred shares and purchase all of Gables Residential's common shares for $43.50 a share.
Gables Residential operates a total of 162 apartment properties containing 41,750 rental units and has ownership interests in 84 other multifamily communities with 21,163 apartments. The majority of its properties are spread throughout such major markets as Atlanta, Dallas, Houston, San Diego, and the District of Columbia.
Source: Wall Street Journal (06/08/05); Smith, Ray A.
Browse all of today's news
| |
|
RSS Feed