Real estate management

Columbia Property Trust acquires Normandy Real Estate Management

The Normandy terminal warehouse in West Chelsea.

NEW YORK CITY- Columbia Property Trust, Inc., a real estate investment company, has signed a definitive agreement to acquire its long-standing business partner, Normandy Real Estate Management, LLC, developer, operator and investment manager. The transaction closing date is set at the end of the year, subject to customary closing conditions.

Columbia will acquire the Normandy operating platform and real estate interests for approximately $ 100 million, including $ 13.5 million in cash and approximately $ 86.5 million in convertible preferred shares, issued at a price of exercise of $ 26.50 per share.

In addition, Columbia will acquire Normandy’s general partner interests in three actively managed funds. General partnerships and several limited partnership interests total approximately 2% in each of Normandy Real Estate Fund III, LP; Normandy IV Real Estate Fund, LP; and Normandy Opportunity Zone Fund, LP.

“The expansion of our platform – both our capabilities and our presence in our key markets – strongly supports Columbia’s long-term growth objectives. The combination of the Columbia and Normandy teams enhances our mutual talents, resources and relationships, and strengthens our leadership position in our target markets, ”said Nelson Mills, President and CEO of Columbia, in a prepared statement. .

Normandy’s portfolio includes more than 30 million square feet of office space in New York, New Jersey, Boston and Washington, DC. The transaction has been approved by Columbia’s board of directors and Normandy’s shareholder partners.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *