Daily Real Estate News  |  June 20, 2005  |   Private Buyers Acquire CRT Properties Private buyers advised by DRA Advisors LLC of New York have inked a $936.7 million deal to acquire CRT Properties Inc. Under terms of the deal, the buyers also have agreed to assume nearly $763 million in company debt. In return, the Florida-based owner of office properties will receive $27.80 a share, which is a 15 percent premium over the stock's June 16 closing price. This marks the third property firm to be bought out in the last couple of weeks. Earlier in the month, Gables Residential Trust agreed to go private in a $1.6 billion purchase by an ING Clarion Partners-managed partnership. Prior to that deal, Catellus Development Corp. was acquired by ProLogis for $3.6 billion.

Source: The Wall Street Journal (06/20/05)