The board of Columbia Property Trust is sincerely granting a free proposal to obtain the real estate investment trust for nearly $2.24 billion.
The Manhattan-based REIT allocated $2.4 million in important review costs for that purpose, according to its quarterly financial report.
CEO Nelson Mills said that Arkhouse Partners, which made the bid very much part of the process, they have entrance to the data room and access to us, and our advisers are always been faithful.
Arkhouse Partners, which is teaming up with the Sapir Organization and 8F Investment Partners on the bid, is giving $19.50 per share. As the bid declared, the REIT’s stock price has moved up from about $14 per share in February to the north of $18.
The stock price run-up follows a sharp quarter in which Columbia Property Trust reported a 10.3% year-over-year decline in its normalized funds from operations.
Still, the REIT’s executives say that the property tours by planned renters at its assets including soon-to-open 799 Broadway and 149 Madison Avenue have dramatically increased lately, and existing renters in its portfolio are beginning to plan in earnest for life after Covid.