Business Specialties Investments
Oct 17, 2007
By: Amanda Marsh, Associate Editor
IPC U.S. Real Estate Investment Trust shareholders have overwhelmingly approved a buyout by Behringer Harvard REIT I Inc., which includes the sale of IPC REIT to Everclear Acquisition Corp., a wholly-owned subsidiary of Texas-based Behringer Harvard, for $1.4 billion.
IPC REIT is the only real estate investment trust in Canada that invest exclusively in U.S. commercial real estate, and owns an 87 percent interest in IPC (U.S.) Inc., which has ownership interests in a 35-building portfolio totaling 9.6 million square feet of rentable space. The properties are located in: Baltimore; Cleveland; Columbus; Houston; Las Vegas; Louisville; Manchester, N.H.; Memphis; Miramar, Fla.; Nashville; New Orleans; New York; New Jersey; Philadelphia; Pittsburgh; Rockville, Md.; Tampa; St. Petersburg, Fla.; Wichita; and Worcester, Mass.
And it was the quality of the Class A portfolio, the markets the properties are located in and the diversification that attracted Behringer Harvard REIT I to the deal, Jason Mattox, executive vice president of Behringer Harvard, told CPN today.
Pursuant to the purchase agreement, which CPN reported in August, Everclear will indirectly acquire the assets and assume the liabilities of IPC REIT in the all-cash transaction. Following the closing, all issue and outstanding shares of IPC REIT will be redeemed at U.S.$9.75 per share. The transaction is expected to close mid to late November following regulatory approvals and require third-party consents. IPC REIT closed at $9.44 per share yesterday on the Toronto Stock Exchange.
The IPC REIT assets will significantly increase Behringer Harvard REIT I's portfolio, which includes more than $2.5 billion in 37 office buildings and other assets across the United States. It will also increase Behringer Harvard REIT I’s presence in some markets and provide entry to other markets, including New York, New Jersey, Las Vegas and Tampa/St. Petersburg.
Behringer Harvard, as a whole, has been quite busy of late. Last month, it announced that it had invested in a 430-unit luxury apartment community planned by Trammell Crow Residential in Henderson, Nev., and, along with German co-investment partner HCI Capital AG, acquired two office buildings at Overschiestraat 63 and 65 in Amsterdam. And only a day after announcing its intent to buy IPC REIT, the company said it had purchased a 3.2 million-square-foot, four-building office portfolio from Beacon Capital Partners.
By: Amanda Marsh, Associate Editor
IPC U.S. Real Estate Investment Trust shareholders have overwhelmingly approved a buyout by Behringer Harvard REIT I Inc., which includes the sale of IPC REIT to Everclear Acquisition Corp., a wholly-owned subsidiary of Texas-based Behringer Harvard, for $1.4 billion.
IPC REIT is the only real estate investment trust in Canada that invest exclusively in U.S. commercial real estate, and owns an 87 percent interest in IPC (U.S.) Inc., which has ownership interests in a 35-building portfolio totaling 9.6 million square feet of rentable space. The properties are located in: Baltimore; Cleveland; Columbus; Houston; Las Vegas; Louisville; Manchester, N.H.; Memphis; Miramar, Fla.; Nashville; New Orleans; New York; New Jersey; Philadelphia; Pittsburgh; Rockville, Md.; Tampa; St. Petersburg, Fla.; Wichita; and Worcester, Mass.
And it was the quality of the Class A portfolio, the markets the properties are located in and the diversification that attracted Behringer Harvard REIT I to the deal, Jason Mattox, executive vice president of Behringer Harvard, told CPN today.
Pursuant to the purchase agreement, which CPN reported in August, Everclear will indirectly acquire the assets and assume the liabilities of IPC REIT in the all-cash transaction. Following the closing, all issue and outstanding shares of IPC REIT will be redeemed at U.S.$9.75 per share. The transaction is expected to close mid to late November following regulatory approvals and require third-party consents. IPC REIT closed at $9.44 per share yesterday on the Toronto Stock Exchange.
The IPC REIT assets will significantly increase Behringer Harvard REIT I's portfolio, which includes more than $2.5 billion in 37 office buildings and other assets across the United States. It will also increase Behringer Harvard REIT I’s presence in some markets and provide entry to other markets, including New York, New Jersey, Las Vegas and Tampa/St. Petersburg.
Behringer Harvard, as a whole, has been quite busy of late. Last month, it announced that it had invested in a 430-unit luxury apartment community planned by Trammell Crow Residential in Henderson, Nev., and, along with German co-investment partner HCI Capital AG, acquired two office buildings at Overschiestraat 63 and 65 in Amsterdam. And only a day after announcing its intent to buy IPC REIT, the company said it had purchased a 3.2 million-square-foot, four-building office portfolio from Beacon Capital Partners.
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