trending Market Intelligence /marketintelligence/en/news-insights/trending/9l0OlL7JBeG4GrAq3c0oZw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

JLL to acquire HFF for $2B; Mack-Cali rebuffs unsolicited proposal

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

JLL to acquire HFF for $2B; Mack-Cali rebuffs unsolicited proposal

S&P Global Market Intelligence offers our top picks of U.S. real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Merger matters

* Jones Lang LaSalle Inc., or JLL, agreed to acquire all outstanding shares of fellow real estate services provider HFF Inc. in a cash and stock deal reflecting an equity value of approximately $2 billion. HFF shareholders stand to receive $24.63 in cash and 0.1505 of a JLL share for each HFF share.

JLL expects the acquisition to generate $60 million in annual synergies within two to three years and speed up its efforts to double the size of its capital markets business, executives said on a conference call.

* Mack-Cali Realty Corp. revealed that it rebuffed an unsolicited proposal from investment manager Bow Street and David Werner Real Estate Investments for its suburban and waterfront office assets in a deal that would see Mack-Cali's other residential assets spun off to shareholders as a new publicly traded real estate investment trust, saying the proposal undervalues its portfolio and overstates the net cash proceeds that would be available to stockholders.

Bow Street also informed Mack-Cali that it intends to nominate a majority slate of six candidates to the REIT's board at its annual stockholder meeting.

* European Commercial REIT got unit holder approval for its planned acquisition of a 41-property multifamily portfolio totaling 2,091 units in the Netherlands from Canadian Apartment Properties Real Estate Investment Trust, or CAPREIT, under a deal that would give CAPREIT a majority stake in European Commercial REIT at completion.

* RW Holdings NNN REIT Inc. plans to study a possible acquisition of Rich Uncles Real Estate Investment Trust I or its portfolio. Rich Uncles had commenced an evaluation of strategic alternatives in January. The companies are both sponsored by BrixInvest LLC.

* Single-family residential REIT Reven Housing REIT Inc. enlisted RBC Capital Markets to assist it in studying strategic alternatives.

Financing deals

* Blackstone Group LP unit EQ Office obtained a $570 million refinancing package for its 36-story Park Avenue Tower property in New York City from Morgan Stanley, The Real Deal reported, citing a source with knowledge of the matter.

* JDL Development landed a $735 million financing package from Bank OZK and Square Mile Capital Management for its $850 million, 76-story One Chicago Square project in Chicago, Commercial Observer reported. The 1.5 million-square-foot tower, expected to complete in the second half of 2022, will have 735 rentals, 77 residential condominium units and 193,000 square feet of retail space.

Property plans

* Developer and real estate manager Paragon Commercial Group LLC is planning to invest $500 million in retail property acquisitions in California in the next 18 months, The Real Deal reported, citing a company release.

* Industrial property giant Prologis Inc. formed a joint venture with Stirling Development to continue the build-out of the 8,500-acre Southern California Logistics Airport project in Victorville, Calif., which includes a 2,500-acre commercial and industrial complex entitled for 60 million square feet of development.

* Alternative investment manager Angelo Gordon & Co. LP raised about $197.0 million for its latest net-lease real estate property fund, AG Net Lease Realty Fund IV LP.

Featured during the week on S&P Global Market Intelligence

Hudson Yards raises curtain, and the drama is just beginning

Cannabis landlord Innovative Industrial's growth is promising, but baked in

Data Dispatch: US REITs raise $2.8B through ATM programs in Q4'18, up nearly 31% YOY