New York REIT, JBG Cos. Agree to Merge
May 25 2016 - 6:20PM
Dow Jones News
New York REIT Inc. and JBG Cos. have agreed to merge, forming an
$8.4 billion real estate trust focused on the New York City and
Washington, D.C., markets.
Under the terms of the deal, subject to approval by New York
REIT shareholders, JBG equity holders would own 65.2% of the
combined company, with New York REIT shareholders owning the
remaining 34.8%, the companies said Wednesday.
The combined company, JBG Realty Trust, would be based in Chevy
Chase, Md., and would be managed by JBG's management team.
Specifically, W. Matt Kelly would become chief executive, David
Paul president and chief operating officer, James Iker chief
investment officer and interim chief financial officer roles, and
Brian Coulter chief development officer.
Michael Happel, New York REIT chief executive and president, has
agreed to serve as consultant over an unspecified transition
period, the companies said Wednesday.
The deal, structured to be a tax-free transaction to New York
REIT shareholders, is slated to close by year's end.
New York REIT, under pressure from activist investor Jonathan
Litt, said last year that it was considering a sale.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 25, 2016 19:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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