EPR Properties completed its previously announced acquisition of 21 recreation properties from CNL Lifestyle Properties Inc. for $455.5 million.
In addition, the company provided $251.0 million of five-year secured debt financing to Och-Ziff Real Estate for the purchase of 14 properties worth $374.5 million covered under the deal.
At closing, the company's total initial investment in the deal stood at $706.5 million, which it financed with $647.4 million worth of its common shares and $59.1 million of cash.
CNL stockholders are to receive around 2.7219 newly issued EPR common shares for each 100 shares of CNL they owned March 31, while stockholders entitled to fractional parts of EPR ordinary shares will receive a separate cash payment in lieu of shares.
Barclays and Kimberlite Advisors LLC were the financial advisers to EPR, and Goodwin Procter LLP served as legal advisers to the company. Jefferies LLC served as financial adviser and Arnold & Porter Kaye Scholer LLP and Lowndes Drosdick Kantor & Reed PA were the legal advisers to CNL. Robert A. Stanger & Co. Inc. and Latham & Watkins LLP were the advisers to the special committee for CNL's board. Bryan Cave LLP served as legal adviser to Och-Ziff Real Estate.