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Acquisition of Trizec shareholders pursued
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Monday, 18 September 2006 |
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(AP) — Trizec Properties Inc., a Chicago-based real estate investment trust that develops office space, on Tuesday said its shareholders approved the company's $4.8-billion takeover by Brookfield Properties Corp.
Investment firm Blackstone Group joined Brookfield in the purchase, which creates one of America's largest commercial property landlords. In addition to what is being paid for Trizec shares, Brookfield will assume $4.1 billion in Trizec debt. Under the agreement, Toronto-based Brookfield will buy all outstanding shares of Trizec not owned by Trizec Canada Inc. for $29.01 per share in cash, an 18% premium over the stock's June 2 closing price, the last trading day before the deal was first announced. Brookfield has 67 office buildings totaling 48 million square feet in downtown New York City, Boston and Washington, D.C., as well as cities in Canada. Trizec is nearly as large as a commercial landlord, with 61 office properties totaling 40 million square feet in seven U.S. markets.
Edwina Baniqued
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Real Estate News 