Three of the 10 largest public REIT and REOC M&A deals ever were announced within a three-month timeframe in summer 2004. Add in The Mills Corporation's (NYSE: MLS) approximately $1.033 billion purchase of a 50 percent managing member interest in nine regional mall properties from General Motors Asset Management Corp., and you have a total deal value of approximately $22.23 billion for four transactions from June through August.
| Top 10 Public REIT/REOC M&A Deals |
| Buyer |
Target |
Property
Type |
Announced
Date |
Price
($M) |
| Starwood Hotels & Resorts |
ITT Corp |
Hotel |
10/20/97 |
14,600 |
| General Growth Properties Inc. |
The Rouse Company |
Retail |
8/20/04 |
12,600 |
| Equity Office Properties Trust |
Spieker Properties Inc. |
Office |
2/23/01 |
7,300 |
| Simon Property Group |
Corporate Property Investors |
Diversified |
2/19/98 |
5,800 |
Westfield America Trust;
Simon Property Group; The Rouse
Company |
Rodamco North America NV |
Retail |
1/14/02 |
5,300 |
| Simon Property Group |
Chelsea Property Group |
Retail |
6/21/04 |
4,800 |
| Equity Office Properties Trust |
Cornerstone Properties Inc. |
Office |
2/11/00 |
4,600 |
| Equity Office Properties Trust |
Beacon Properties Corp. |
Office |
9/9/97 |
4,000 |
| Plum Creek Timber Co. |
Timber Co. |
Timber |
7/18/00 |
4,000 |
Cerberus Capital Mgmt;
Blackacre Institutional Capital Mgmt |
LNR Property Corp. |
Diversified |
8/29/04 |
3,800 |
|
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| Source: SNL Financial L.C. |
