Cali REITs Combine

  • Posted at 1:06, December 19, 2013
  • By Quidnunc Staff

Following up on maneuverings we linked to earlier this month, two California multifamily developer REITS  will become one. 

Here’s the details from on the proposed merger between Palo Alto, Calif.’s Essex Property Trust and BRE Properties of San Francisco.

The new company will be “the only publicly traded West Coast pure play multifamily REIT,” and claims value of more than $15 billion.  They expect the deal to close in 2014's first quarter.

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