Deals
New York REIT Rises Most Since May After JBG Deal Scrapped
- Negotiations ended because of shareholder opposition, JBG says
- Company to sell properties, return proceeds to investors
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New York REIT Inc., a property owner under pressure from investors to boost value, rose the most in three months after merger talks with Washington-area landlord JBG Cos. ended because of shareholder opposition to the deal.
New York REIT will now sell properties it owns individually and return the proceeds to investors, the companies said in a statement Tuesday. The real estate investment trust will also seek new financing to buy the stake it doesn’t already own in Manhattan’s Worldwide Plaza and to repay its existing $485 million credit facility in full.