Safehold is merging with its largest shareholder, iStar, in a $1.6B deal that will make the combined entity the only publicly traded, self-managed pure-play ground lease company.
The merger, which is expected to close by Q1 2023 latest, will see Safehold assume iStar's $100M in trust preferred securities—considered debt, due in 2035—and Safehold will issue 1.2M new SAFE shares to iStar.
"This transaction is an important step forward in our strategy to significantly expand the use of modern ground leases in commercial real estate and further extend Safehold's position as the pre-eminent ground lease company," said Jay Sugarman, Safehold CEO, in a statement.
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