To read this full article you need to be subscribed to Newsline.Sign in Sign up for a FREE subscription
Regency Centers, Urstadt Biddle agree to $16b merger
Regency Centers and Urstadt Biddle Properties have entered into a definitive merger agreement by which Regency will acquire Urstadt Biddle in an all-stock transaction valued at about $1.4 billion.
The combined company is expected to have a pro forma equity market capitalization of about $11 billion and total enterprise value of around $16 billion. Upon closing, Regency and Urstadt Biddle shareholders will own approximately 93 percent and 7 percent of the combined company, respectively.
The combined portfolio will consist of 481 properties, encompassing more than 56 million square feet of gross leasable area.
The transaction was approved by the board of directors of both companies.
“We couldn’t be more excited about the combination of our two great companies,” said Lisa Palmer, president and CEO of Regency. “The portfolio that Urstadt Biddle has carefully assembled over more than 50 years offers a highly aligned demographic and merchandising profil