Wednesday, June 08, 2005

Downtown Dallas Real Estate News

Downtown Dallas Real Estate News
ING CLARION TO ACQUIRE GABLES FOR CASH

BOCA RATON, Fla. (PRNewswire-FirstCall) – A partnership managed by ING Clarion has entered into a definitive agreement to acquire Gables Residential Trust, a company specializing in luxury multifamily properties. The transaction represents the largest public-to-private REIT transaction in the multifamily sector.

Under the terms of the agreement, the ING Clarion partnership will acquire all of Gables' common stock for $43.50 per share in cash. Completion of the transaction, which is expected to occur by the end of third quarter 2005, is subject to approval by the Gables' common shareholders and certain other customary closing conditions. The transaction has been unanimously approved by Gables’ board of trustees, which will recommend that the common shareholders approve the transaction.

The transaction is being financed by $400 million of equity provided by ING with the balance of the debt and equity capital arranged by Lehman Brothers Inc. and its affiliates.