June 29, 2017 Comments Off on Government Properties Acquiring First Potomac for $1.4B Views: 579 National News, Northeast

Government Properties Acquiring First Potomac for $1.4B

Government Properties Income Trust’s (GOV) board unanimously approved a definitive merger agreement to acquire all of the outstanding common shares of First Potomac Realty Trust (FPO) for an aggregate transaction value of roughly $1.4 billion. GOV is paying $11.15 per common share of FPO stock in cash ($683 million in aggregate), and repayment of $418 million of FPO debt, as well as assumption of approximately $232 million of FPO mortgage debt.

Government Properties’ David Blackman said, “The acquisition of FPO enables GOV to expand its business strategy to include the acquisition, ownership and operation of office properties leased to both government and private sector tenants in the metropolitan Washington, D.C. market area.”

FPO’s 92.2%-leased portfolio includes 39 properties encompassing roughly 6.5 million square feet. The deal is expected to close prior to year end 2017.

Wells Fargo Securities’ Eastdil Secured is acting as exclusive financial advisor to FPO.

Read more at Business Wire

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