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Dubai company confirms interest in Crescent |
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9/30/2006 8:36:32 AM |
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The Dubai-based firm's executive vice president of investments, David Jackson, declined to comment about a possible price or to name the brokerage firm representing it in negotiations with Crescent. Sources at REIT Newshound, a California trade publication that covers real estate investment trusts and other property-linked stocks, estimate that the buyout price will be about $23 per share.
Crescent, through subsidiaries and partnerships, owns and manages about 74 office buildings in Dallas, Fort Worth, Houston, Austin, Denver, Miami and Las Vegas.
The company's local portfolio includes the Austin Centre and 816 Congress office buildings in downtown and The Avallon complex in the Northwest submarket. Crescent also has a stake in 301 Congress.
Sources at Crescent decline to comment on the sales talks.
Istithmar's limited real estate assets in the United States include three New York office towers -- two towers on Park Avenue and the 6 Times Square building.
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