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Shareholders Sign Off on Merger of RMR Mortgage Trust, Tremont Mortgage Trust
Shareholders of RMR Mortgage Trust (RMRM) and Tremont Mortgage Trust (TRMT) have approved the merger of RMRM and TRMT, the two Newton, MA-based companies said Monday. The merger is expected to become effective Sept. 30.
As part of the merger, the combined company will change its name to Seven Hills Realty Capital and will trade on the Nasdaq under the ticker SHRC.
The merger is expected to create a more diversified commercial mortgage real estate investment trust focused on middle market transitional bridge loans with assets expected to approach $1 billion when fully invested. With increased scale and an expanded capital base, the combined company is expected to be better positioned to access capital markets, increase operating efficiency, and deliver more attractive risk-adjusted returns for shareholders.
Currently, RMRM and TRMT are both managed by an affiliate of the RMR Group, also headquartered in Newton.
- ◦Sale/Acquisition
