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 multifamily units in 239 properties in southern and northern California and Seattle.Under the terms of the deal, Essex will pay BRE shareholders $12.33 per share in cash and offer 0.2971 newly issued Essex shares for each BRE share held, valuing BRE at $56.21 per share.BRE said this month that it was exploring strategic alternatives and was in exclusive talks with Essex.
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 remained unchanged at $55.91. 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 0.
Essex Property Trust, Inc. (Essex) operates as a self-administered and self-managed real estate investment trust (REIT). Shares of ESS remained unchanged at $147.70. 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 0.
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