Essex Property Trust Inc said it would purchase BRE Properties Inc for about $4.34 billion to become the largest publicly-traded apartment REIT in the U.S. West Coast.The combined company will own about 56,000 apartment units in 239 properties in southern and northern California and Seattle.BRE's greater exposure to southern California could be one of the reasons for Essex's interest, Cowen & Co analyst James Sullivan wrote in a note to clients.The housing market recovery in the region has been slower than that in the other areas of the West Coast. Southern California offers an opportunity for real estate companies as a slowdown is expected in northern California and Seattle, he said.
BRE Properties, Inc. (BRE) is a self-administered equity real estate investment trust (REIT) focused on the development, acquisition and management of multifamily apartment communities primarily located in the metropolitan markets within the State of California, and the Seattle, Washington region. Shares of BRE fell by 1.73% or $-0.965/share to $54.94. In the past year, the shares have traded as low as $45.76 and as high as $61.50. On average, 917316 shares of BRE exchange hands on a given day and today's volume is recorded at 1359868.
Essex Property Trust, Inc. (Essex) operates as a self-administered and self-managed real estate investment trust (REIT). Shares of ESS fell by 1.67% or $-2.47/share to $145.23. In the past year, the shares have traded as low as $139.64 and as high as $172.16. On average, 278742 shares of ESS exchange hands on a given day and today's volume is recorded at 615531.
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