property trusts merger?

  1. 1,035 Posts.
    CFT, CPA and Gan in merger.
    The proposal is subject to approval by unitholders in all three
    trusts.
    It involves CPA and Gandel acquiring all of the units in the
    four trusts which comprise CFT.
    CPA will effectively acquire all of the units in three of the
    four underlying trusts that together form CFT. These three
    underlying trusts hold CFT's $1.18 billion portfolio of office,
    industrial and high tech industrial office assets.
    Gandel will effectively acquire all of the units in Colonial
    First State Retail Property Trust - CFT's fourth underlying trust -
    allowing Gandel to acquire CFT's $646.8 million portfolio of retail
    assets.
    CPA will issue a total of 740.3 million CPA units to CFT
    unitholders to acquire the office, industrial and high tech
    industrial office assets of CFT and will assume about $290.5
    million in debt.
    Gandel will issue a total of 404.4 million Gandel units to CFT
    unitholders to acquire the retail assets of CFT and will assume
    approximately $213 million in debt.
    CFT unitholders may elect to receive cash for their CFT units
    via a book build, in lieu of units in Gandel and CPA.
    AAP

 
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