JACKSONVILLE, FL, GLOBE NEWSWIRE -- Regency Centers
Corporation (“Regency”) (Nasdaq: REG) announced the completion of its
previously announced acquisition of Urstadt Biddle Properties Inc.
(“Urstadt Biddle”) (NYSE: UBA and UBP) in an all-stock transaction.
The combined company has a total equity market capitalization
of more than $11 billion and an enterprise value of more than $16 billion.
The transaction grows Regency’s footprint
of high-quality, grocery-anchored shopping centers in premier suburban
trade areas, and is expected to be immediately accretive to Core Operating
Earnings (defined below) while maintaining Regency’s liquidity and balance
sheet flexibility and strength.
The newly-combined
portfolio is comprised of 480 properties encompassing more than 56 million
square feet of gross leasable area.
“We are proud of this transaction and excited to start
unlocking the synergies and growth opportunities that we expect this
combination to provide,” said Lisa Palmer, President and Chief
Executive Officer of Regency.
“These centers
align well with Regency’s portfolio strategy and meaningfully expand our
presence in strong trade areas in the Northeast.”
RBC Capital Markets and Wells Fargo Securities acted as
financial advisors and Wachtell, Lipton, Rosen & Katz has served as
legal advisor to Regency Centers.
Eastdil Secured
and Deutsche Bank acted as financial advisors and Hogan Lovells US LLP has
served as legal advisor to Urstadt Biddle.
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