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Columbia Property Trust to be Taken Private by PIMCO
Columbia Property Trust (CXP) said Tuesday it had entered into a definitive agreement to be acquired by funds managed by Pacific Investment Management Company (PIMCO). The all-cash privatization at $19.30 per share is valued at $3.9 billion including Columbia’s proportionate share of consolidated and unconsolidated debt.
Nelson Mills, CXP’s president and CEO, said, “Today’s announcement represents the result of a comprehensive strategic review process and demonstrates the value and stability of Columbia’s portfolio, the resiliency of our platform, and the capabilities of our team.”
John Murray, PIMCO’s global head of private commercial real estate, said, “We continue to believe that high-quality office buildings in major U.S. cities offer long-term value for our clients and Columbia has assembled a modernized, well-located portfolio of assets that we expect will perform well in the years ahead.”
The transaction is expected to close as early as year-end, subject to approval by CXP’s shareholders and the satisfaction of other customary closing conditions.
Morgan Stanley & Co. LLC is serving as lead financial advisor to CXP, with Eastdil Secured and JPMorgan also acting as financial advisors. Wachtell, Lipton, Rosen & Katz is serving as the REIT’s legal advisor.
Goldman Sachs is serving as PIMCO’s lead financial advisor, with Deutsche Bank Securities also acting as financial advisor. Latham & Watkins LLP and Milbank LLP are serving as legal advisors. Cushman & Wakefield is acting as a real estate consultant to PIMCO.
- ◦Sale/Acquisition
