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Goodwin Leads on REIT M&A

02.26.13

Goodwin Procter recently advised clients on three significant REIT transactions totaling more than $24 billion.

In a transaction announced in late 2012 the firm advised long-time client AvalonBay Communities in its agreement to partner with Equity Residential to acquire Archstone, Inc., an apartment complex company and a subsidiary of Lehman Brothers. The highly structured M&A transaction had a purchase price of $16 billion including the assumption of debt. In addition, Goodwin advised AvalonBay on a secondary public stock offering announced the same day with the net proceeds used to fund the Archstone acquisition. To read more about the AvalonBay transaction, please click here.

In January 2013, the firm advised Cole Credit Property Trust II (CCPT II), a Phoenix-based REIT, in it is announced merger with Spirit Realty Capital. The $7.1 billion deal will create the second largest publicly traded triple-net-lease REIT in the United States. For additional information about the CCPT II merger with Spirit Realty, click here.

The firm also recently represented the special committee of the board of directors of CreXus Investment Corp. in its $1 billion merger with Annaly Capital, the largest mortgage REIT listed on the New York Stock Exchange. Under terms of the agreement, Annaly will acquire all of the outstanding shares of CreXus for $13.00, representing a 17.1% premium over the share price on November 9, 2012. Additional information about the transaction can be found here.

“These recent M&A transactions demonstrate the depth and experience of our REIT M&A and capital markets practice,” said Gil Menna, co-chair of Goodwin Procter’s REITs & Real Estate Capital Markets Group. “Leading real estate companies and entrepreneurs continue to seek our team’s expertise and guidance in executing complex and highly sophisticated M&A transactions.”

Learn more about Goodwin’s market-leading REIT practice here.