$3.3B Brandywine buy ranks Trust among biggest.Brandywine Realty Trust Brandywine Realty Trust (NYSE: BDN) is a real estate development trust (REIT) in the United States that buys, sells, leases and manages approximately 225 commercial properties, no more than 25 industrial parcels of land, mixed-use property, and over 200 acres of undeveloped has announced the execution of a merger agreement pursuant to which it will acquire Prentiss Properties Trust in a transaction valued at approximately $3.3 billion. As part of the agreement, Prudential Real Estate Investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. (PREI PREI Prudential Real Estate Investors PREI Path Remote Error Indicator ) will acquire a portfolio with a value of approximately $753 million of Prentiss Properties assets. It is anticipated that the merger will be completed during the fourth quarter of 2005 or in the first quarter of 2006. As part of this transaction, Brandywine will acquire Prentiss Properties' assets in Washington, D.C., northern and southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , all properties in Austin and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , as well as related land holdings. Upon completion of the merger, Brandywine will own/manage a portfolio of 49 million square feet of space, making it one of the largest office REITs in the industry. PREI will acquire all of Prentiss Properties' assets in Denver, Colorado and select assets in northern and southern California and Washington, D.C. Brandywine and PREI have also entered into an agreement whereby Brandywine will provide management and leasing for the PREI assets with the exception of the Denver market. PREI, the real estate investment management and advisory business of Prudential Financial, Inc., is acting on behalf of investors. It is expected that Michael V
Michael V the Caulker or Kalaphates (Greek: Μιχαήλ Ε΄ Καλαφάτης, . Prentiss, chairman of Prentiss Properties, and Thomas F. August, president and chief executive officer of Prentiss Properties, will be joining Brandywine's Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. . The combined company's corporate structure will include several Prentiss Properties executives, and Brandywine fully expects that the Prentiss Properties regional operations will be incorporated into their operating platform. Gerard H. Sweeney, president and chief executive officer of Brandywine, stated, "This merger is a transformational event for both companies, creating a significant multi-market growth platform for Brandywine. It expands the companies' tenant diversity, creates tremendous growth through our combined development pipeline and significantly broadens our capital deployment opportunities. "Furthermore, this transaction also presented a unique opportunity to work with PREI to create a positive result for all three parties." |
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