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Dubai firm confirms interest in Crescent |
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9/29/2006 1:14:54 PM |
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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 the buyout price will be at the lower end of $23 to $26 per share.
One of the largest landlords in North Texas, Fort Worth-based Crescent (NYSE: CEI) owns nearly 10 million square feet of prime Dallas-Fort Worth office space plus key office, hotel and residential assets in Houston, Austin and other major U.S. markets.
Sources at the company declined to comment on the sales talks.
Meanwhile, Crescent continues to streamline its portfolio. On Wednesday, it recorded a $23 million gain from the sale of Four Westlake Park, a 561,000-square-foot office property in Houston, which Crescent sold for $122 million. The company owned a 20 percent stake in the property through a joint venture with a pension fund.
On Tuesday, the REIT killed its $1 billion Canyon Ranch Living project, a resort development with high-end condominiums, apartments, a luxury hotel and wellness center in Bethesda, Md.
Crescent said the project's developer, The Penrose Group, had rendered the project unfeasible.
Cedrik Lachance, an analyst with Newport Beach, Calif.-based Green Street Advisors, said the actions were expected and not likely part of any company sale plans.
In early September, a deal that had CB Richard Ellis Real Estate Investors buying Bank One Center in downtown Dallas fell through after Ellis tried to lower its $218 million bid. Crescent owns the building in partnership with Chicago-based Trizec Properties Inc. (NYSE: TRI). Holliday Fenoglio Fowler, which is marketing the property sale, is reportedly in talks with other potential buyers, including American Ventures Realty.
Local real estate sources say Crescent has tapped Holliday and Dallas-based Trammell Crow Co. (NYSE: TCC) to explore the sale of other Dallas area holdings. In addition to Bank One Center, the company's North Texas assets include Fountain Place and Trammell Crow Center in downtown Dallas, plus The Crescent, its signature office development in Uptown. |
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