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

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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.

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