Deals
Zell’s Equity Commonwealth Buys Monmouth for $3.4 Billion
- Chicago-based REIT to enter industrial sector with the deal
- Monmouth purchase will add 120 sites across 31 states
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Billionaire Sam Zell’s Equity Commonwealth agreed to buy Monmouth Real Estate Investment Corp. in an all-stock deal worth about $3.4 billion including debt, increasing the firm’s exposure to fast-growing industrial real estate in the U.S.
Monmouth investors will get 0.67 shares of Equity Commonwealth for every share they own, or about $19.40 based on Tuesday’s closing price, the companies said in a joint statement. That’s a 6.3% premium for Monmouth holders.