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Safehold Completes Merger with iStar
Safehold Inc., a New York City REIT specializing in ground leases, has closed on its previously announced merger with iStar Inc. The combined company will operate under the name Safehold Inc. and its common stock will trade under the ticker SAFE on the New York Stock Exchange.
“This transformative transaction marks a significant milestone for Safehold and iStar stakeholders,” said Jay Sugarman, chairman and CEO of Safehold. The merger makes Safehold the only internally managed, pure-play ground lease company in the public markets, the company said last August.
Before the merger closed, iStar completed the separation of its legacy assets and certain other assets, distributing all common shares of Star Holdings to holders of record of iStar common stock as of the close of business on March 27.
In a note to clients, Green Street said Friday that the merger’s closing “has positive implications for the REIT’s governance profile.”
Pictured: 135 W. 50th St. in Manhattan, part of the Safehold portfolio.
- ◦Sale/Acquisition
