Columbia Property Trust to buy out Normandy Real Estate

Columbia Property Trust has signed a definitive agreement to acquire Normandy Real Estate Management, a leading developer, operator and investment manager of office and mixed-use assets in New York, Boston, and Washington, D.C.

Columbia will acquire Normandy’s operating platform and its general partner interests in three active management funds in a cash and stock transaction with a total value of approximately $100 million, consisting of $13.5 million in cash and approximately $86.5 million in convertible preferred units, issued at a strike price of $26.50 per share.

In addition, Columbia will acquire 2 percent interests in each of Normandy Real Estate Fund III, Normandy Real Estate Fund IV and Normandy Opportunity Zone Fund. Not included in the transaction are Normandy Real Estate Fund and Normandy Real Estate Fund II, as well as several mixed-use suburban development projects.

“Expanding our platform — both our capabilities and presence in our key marke