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Columbia Property Trust hires advisor following takeover offer
The $3 billion REIT is working with Morgan Stanley following multiple approaches
Columbia Property Trust has sought an advisor after the real estate investment trust was approached by multiple companies for an acquisition.
The Atlanta-based firm, which owns a 19-property portfolio with 9 million square feet, has hired Morgan Stanley to consult for a possible acquisition after it was approached with several offers, according to Bloomberg. However, none of the offers appear promising, the outlet reported.
By midday Thursday, the company’s stock climbed 5 percent to $24.73, giving the company a market valuation of $2.9 billion, according to Bloomberg. Its portfolio spans New York, San Francisco and Washington and consists of Class A office buildings.
The mergers and acquisitions world has been on fire this year — especially among REITs thanks to cheap stock prices. In April and June there were at least eight deals announced for REITs totaling $16.5 billion, up from just two deals totaling $4.4 billion in the first quarter of the year.
On Wednesday, LaSalle Hotel Properties walked back a $4.8 billion acquisition by Blackstone, instead opting for an offer from Pebblebrook Hotel Trust. [Bloomberg] — David Jeans