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CHARLOTTE, NC-With an overwhelming majority, shareholders of BNP Residential Properties, Inc. have voted for its acquisition by Babcock & Brown Real Estate Investment LLC. The deal carries an estimated $766-million price tag.

In a meeting held Dec. 21, approximately 7.5 million shares, or 72% of the locally based REIT's outstanding common shares, cast ballots with more than 94% voting for the acquisition, according to BNP officials. BNP's common stock was up .25% to $24.17 the morning after the vote.

The deal, which GlobeSt.com first reported in August, is expected to close at the end of January, with Sydney-headquartered Babcock & Brown paying $24 per BNP share. BNP's common stock will be delisted after the merger closes, BNP officials say in a statement.

At the time the proposed merger news came to light, BNP chairman Philip Payne said, "The merger allows our shareholders the opportunity to fully realize the market value of BNP's assets, while providing our employees an opportunity to continue to grow the BNP franchise with the backing of a global real estate player in Babcock & Brown."

BNP Residential Properties is a multifamily REIT, owning and operating 32 apartment communities with a combined 8,180 units in North Carolina, South Carolina and Virginia. It is also a general partner of partnerships that own three communities with a combined 713 units. In addition to the apartment properties, BNP owns 40 properties that are leased on a triple-net basis to a restaurant operator.

Babcock & Brown corporate headquarters are in Sydney. The global investment and advisory firm also has administrative hub offices in Sydney, San Francisco, New York, Munich and London and 21 offices worldwide.

Instant Insights /

BNP Vote Moves $766M Bid Forward

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