Essex Property Said to Offer About $5 Billion to Buy BRE

Essex Property Trust Inc., an apartment landlord on the U.S. West Coast, has made an offer to acquire BRE Properties Inc. for about $5 billion, two people with knowledge of the matter said.

The offer, made this week, is higher than a $60 a share bid for BRE made by investment firm Land & Buildings and an investor group earlier this year, said one person, who asked not to be identified because the information is private.