(To read more on the multifamily market, click here.)
CHARLOTTE, NC-With an overwhelming majority, shareholders of BNPResidential Properties, Inc. have voted for its acquisition byBabcock & Brown Real Estate Investment LLC. The deal carries anestimated $766-million price tag.
In a meeting held Dec. 21, approximately 7.5 million shares, or72% of the locally based REIT's outstanding common shares, castballots with more than 94% voting for the acquisition, according toBNP officials. BNP's common stock was up .25% to $24.17 the morningafter the vote.
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