Ares Management to Acquire Whitestone REIT in $1.7 Billion All-Cash Deal
Alternative investment manager Ares Management has reached an agreement to acquire Whitestone REIT, a Houston-based real estate investment trust, in an all-cash transaction valued at approximately $1.7 billion. Under the terms of the deal, Ares will pay $19 per share for Whitestone stock, representing a 12% premium over the company's closing price of $16.94 on Wednesday. This acquisition marks a significant move by Ares to expand its portfolio within the commercial real estate sector, specifically targeting retail properties owned by Whitestone. The announcement was made on Thursday, highlighting the strategic alignment between the two entities. The deal underscores continued activity in the private equity and real estate markets despite broader economic uncertainties.
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Ares Management to Acquire Whitestone REIT in $1.7 Billion All-Cash Deal
Alternative investment manager Ares Management has reached an agreement to acquire Whitestone REIT, a Houston-based real estate investment trust, in an all-cash transaction valued at approximately $1.7 billion. Under the terms of the deal, Ares will pay $19 per share for Whitestone stock, representing a 12% premium over the company's closing price of $16.94 on Wednesday. This acquisition marks a significant move by Ares to expand its portfolio within the commercial real estate sector, specifically targeting retail properties owned by Whitestone. The announcement was made on Thursday, highlighting the strategic alignment between the two entities. The deal underscores continued activity in the private equity and real estate markets despite broader economic uncertainties.
WSJ.com: Markets