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PIMCO acquires Columbia Property Trust for $ 2.2 billion in office property

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The ticker and business information for Pacific Investment Management Co. (PIMCO) is displayed on a screen at the New York Stock Exchange (NYSE) in New York, United States, April 5, 2018. REUTERS / Brendan McDermid

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Sept. 7 (Reuters) – Pacific Investment Management Company (PIMCO) will buy Columbia Property Trust Inc (CXP.N) for $ 2.2 billion, the latter said on Tuesday, as the investment management firm seeks to take over of office buildings whose ratings have suffered due to people working from home.

PIMCO will buy Columbia Property Real Estate Investment Trust for $ 19.30 per share in cash, a premium of around 16.6% from the share’s closing on Friday. Including debt, the deal is valued at $ 3.9 billion.

“We continue to believe that high-quality office buildings in major US cities provide long-term value for our clients,” said John Murray, Global Head of Private Commercial Real Estate at PIMCO.

Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc advised PIMCO on the transaction, which is expected to close by year-end

Columbia shares rose 19.5% in pre-market trading.

Report by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi

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1/ https://Google.com/

2/ https://www.reuters.com/legal/transactional/pimco-buy-columbia-property-trust-22-bln-office-property-push-2021-09-07/

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