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Cousins, TIER REIT Combine in $7.8B Deal, Create 21M-SF Sun Belt Portfolio
Atlanta-based Cousins Properties is merging with Dallas-based TIER REIT, Inc. in a 100% stock-for-stock transaction. The deal will create a Class A office REIT with a combined portfolio of more than 21 million square feet located across the Sun Belt.
Cousins’ Colin Connolly says, “The combination of these two highly-complementary companies creates the preeminent Sun Belt office REIT with a best-in-class balance sheet. The company will own an unmatched portfolio of trophy office properties in the premier submarkets of Atlanta, Austin, Charlotte, Dallas, Phoenix and Tampa.”
The combined company, which will be HQ’d in Atlanta, will have an equity market capitalization of roughly $5.9 billion, and a total market capitalization of approximately $7.8 billion. Cousins will issue 2.98 shares of newly-issued common stock, in exchange for each share of TIER stock. Cousins and TIER stockholders will own roughly 72% and 28% of the combined company’s stock, respectively. The transaction is expected to close during Q3 2019.
*Pictured Cousins HQ 3344 Peachtree Atlanta
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
