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November 2, 2016 Comments Off on JBG Planning $8.4B Merger with Vornado Views: 573 National News, Northeast

JBG Planning $8.4B Merger with Vornado

 

Three months after calling off a merger with another REIT, JBG Cos. is merging with a spinoff of Vornado Realty Trust. The publicly-traded Vornado is spinning off its Washington DC assets and combining them with JBG to form a new publicly-traded REIT called JBG Smith Properties. The deal, expected to close in Q2 2017, is valued at $8.4 billion.

The new REIT’s portfolio will consist of 50 office properties, 18 multifamily properties and 11 additional assets throughout the greater DC area. The deal has been approved by the private company’s limited partners, and does not require Vornado’s shareholder approvals.

The company planned last May to go public through a merger with New York REIT. However, after NYRT activist shareholders opposed the merger, the companies called it off.

Read More at PERE News

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