GE Real Estate, a division of GE Commercial Finance, will acquire REIT manager Arden Realty for about $4.8 billion, or $45.25 per share of common stock and assumption of $1.6 billion of debt, according to a joint statement from the companies. Arden, whose stock closed Thursday at $46.99, specializes in commercial office properties in Southern California.
As part of the transaction, REIT manager Trizec Properties will purchase 13 properties from the Arden portfolio for about $1.6 billion. GE expects to close the deal in the first quarter, according to the statement. Trizec officials expect their part of the deal to close in the second quarter, according to a separate statement.
GE Realty has about $34 billion under management globally; assets under management of Arden and Trizec were not available.