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Regency, Urstadt Biddle to Merge in $1.4B All-Stock Deal
Retail REITs Regency Centers Corporation and Urstadt Biddle Properties Inc. said Thursday they have entered into a definitive merger agreement in which Regency will acquire Greenwich, CT-based Urstadt Biddle in an all-stock transaction. Valued at approximately $1.4 billion, the acquisition includes the assumption of debt and preferred stock.
The combined company is expected to have a pro forma equity market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. Its portfolio will include 481 properties.
“The portfolio that Urstadt Biddle has carefully assembled over more than 50 years offers a highly aligned demographic and merchandising profile to Regency,” said Lisa Palmer, president and CEO of Jacksonville, FL-based Regency. “Both companies have a successful track record of owning and operating best-in-class grocery-anchored neighborhood and community centers in premier suburban trade areas.”
The transaction is currently expected to close late in the third quarter or early Q4.
- ◦Sale/Acquisition
