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August 15, 2006
CoStar Deals in the Works for Aug. 13th - Aug. 19th
Forest City To Restructure NYC Portfolio
The purchase of Bruce's company, Forest City Ratner, by parent company Forest City Enterprises was announced in industry trade mag CoStar, which pretty much republished the press release.
Forest City Enterprises reached a definitive agreement with Bruce C. Ratner to restructure their existing business relationship covering their combined interest in a total of 30 retail, office and residential operating properties, certain service companies and seven identified development opportunities that are currently owned jointly by Forest City and Bruce Ratner, as well as the pursuit of new real estate opportunities, all in the greater New York City metropolitan area.
The agreement calls for Bruce Ratner to contribute his ownership interests in the 30 operating assets, the service companies and participation rights in all future developments (except those named below) to a newly formed limited liability company.
Forest City will pay $60.8 million in cash and issue 3.894 million units in the new limited liability company. These units will be convertible (after a one-year lock-up period) to an equal number of shares of FCEA stock or cash based on the value of FCEA stock at the time of conversion.
Posted by lumi at August 15, 2006 8:13 AM