NEW YORK CITY-Morgan Stanley real estate affiliate will pay $26 per share for Glenborough Realty Trust, a real estate investment trust that owns office properties, the companies said this morning. Including the assumption of Glenborough's debt, Morgan Stanley said the transaction is valued at about $1.9 billion.
Glenborough share were up $1.86 at $25.89 in late-morning trading on the New York Stock Exchange. Glenborough's properties include office space in Washington D.C. and California. It also has investments in Northern New Jersey and Boston.The merger is expected to be completed during the fourth quarter.
Also on Monday, Revenue Properties Co. Ltd. said it would buy Sizeler Property Investors Inc., a REIT investing in retail and apartment properties in the U.S. Southeast.That deal is valued at $324 million. Revenue Properties will pay $15.10 in cash for each Sizeler share and assume debt of about $85 million.
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