Columbia Property Trust Completes Acquisition of Normandy Real Estate Management
Columbia Property Trust, Inc. (CXP)
Last columbia property trust, inc. earnings: 4/30 04:07 pm
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Source: Business Wire
Closes on previously announced acquisition of Normandy and announces related leadership and board appointments Anticipated to become co-general partner in Terminal Warehouse project in New York City’s West Chelsea neighborhood NEW YORK--(BUSINESS WIRE)--Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has closed on its previously announced acquisition of Normandy Real Estate Management, LLC, a developer, operator and investment manager of office and mixed-use assets in New York, Boston, and Washington, D.C. Columbia acquired the operating platform and real property interests of Normandy for aggregate cash and stock consideration of approximately $100 million, exclusive of transaction and closing costs. This consideration consisted of $13.5 million in cash and approximately $86.5 million in convertible preferred units, issued at $26.50 per share.“This acquisition supports our strategy to drive financial performance for investors by strengthening our capabilities acr
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