This article is from the Australian Property Journal archive
In yet another coup for Australian companies in the U.S., Babcock & Brown subsidiary Babcock & Brown Residential yesterday finalised the buy out BNP residential Properties for a total of $1.06 billion.
The deal involves the purchase by the B&B subsidiary based in Charlotte, North Carolina, of all shares in BNP for $AUD30.55 a share.
Babcock & Brown Residential LLC is a Charlotte, North Carolina, based owner and operator of multifamily properties with a focus on middle market apartments in the Sunbelt of the United States.
Its portfolio consists of 105 apartment buy lorazepam australia communities with over 28,500 units in 10 states throughout the southern United States.
Banc of America Securities LLC acted as financial advisor to BNP Residential Properties.
Babcock & Brown chief Phil Green said yesterday that BNP’s high quality apartment portfolio adds critical mass to Babcock & Brown’s wider US multifamily strategy.
“We are very pleased to have BNP’s highly experienced senior management team on board who will assist in developing and growing our real estate platform in North America going forward.”
The deal was originally signalled last August.
Australian Property Journal
