PIMCO funds to acquire Columbia Property Trust for $3.9nbn
By Alexander Bueso
Date: Monday 01 Nov 2021
(Sharecast News) - Funds managed by PIMCO have inked a deal to acquire Columbia Property Trust, an investor in high-quality office buildings, for $3.9bn including debt.
The transaction price was $19.30 a share with Columbia chair, Constance Moore, hailing the deal, which she said offered shareholders immediate and certain cash value at a "significant" premium to the trust's public market valuation.
That premium was equal to 27% more than the company's unaffected closing price on 12 March 2021, since when the sector had traded down by 5%.
In the spring, Columbia had invited bids from nearly 90 potential counteroparties.
Columbia had properties in New York, San Francisco, Washington D.C. and Boston.
As of 1612 BST, shares of Columbia Property Trust were 15.27% higher at $19.07.
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