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Deal spike in Q3 shakes up REIT M&A league tables


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Deal spike in Q3 shakes up REIT M&A league tables

Anotherwave of REIT M&A activity shook up the financial adviser league tablerankings in the third quarter, displacing Wells Fargo Securities LLC, the leader by deal value anddeal count at the end of an active first half, and ushering in new frontrunners.

, theleader in the 2016 financial adviser ranking by deal value at the end of thethird quarter, took part in two deals, together valued at $5.92 billion.Citigroup Global MarketsInc. and UBSInvestment Bank shared the top spot in the ranking by number ofdeals, each having participated in three.

Notably,the deal that had propped up Wells Fargo Securities in the first-half leaguetable rankings, the proposed $3.13 billion merger between and JBG Cos., wasterminated by thecompanies in early August after months of pressure from shareholders who feltNew York REIT was not fairly valued in the deal. The company is now looking toliquidate.

J.P.Morgan advised Cousins PropertiesInc. in its merger with Parkway Properties Inc., a deal valued at $2.03 billion,and advised Post PropertiesInc. in its pending merger with Mid-America Apartment Communities Inc., valued at $3.89billion.

CitigroupGlobal Markets advised Mid-America in its deal with Post Properties, in itssale to , andAmerican Farmland its pending saleto Farmland PartnersInc., the first big M&A deal in the burgeoning farmland REITspace, announced near the end of the third quarter.

UBSadvised American Finance TrustInc. in its pending acquisition of American Realty Capital - Retail Centers of AmericaInc., as well as Global Net Lease in its pending of ARC Global Trust II Inc. The firm also advisedNorthStar Realty FinanceCorp. in its pending tri-party merger involving NorthStar Asset Management and .

was theleader in the legal adviser ranking by deal value at the end of the thirdquarter, with $4.06 billion of deals to its name.

Thelaw firm shared the top spot in the ranking by number of deals, however, withthree others: HoganLovells, Venable LLPand Proskauer RoseLLP. Each firm participated in two deals, and the rest of the legaladvisers in the ranking participated in only one.