Cousins Properties (CUZ) to acquire TIER REIT in stock swap.
Atlanta-based Cousins Properties (CUZ) announced today that it will acquire TIER REIT (TIER) in a stock-for-stock merger transaction, creating a $7.8 billion enterprise value Class-A office REIT focusing on sunbelt markets across the U.S. The transaction is expected to result in $18.5 million of annual G&A savings, primarily through elimination of public company expenses at TIER. Additional benefits include better market diversity (Atlanta decreases from 41% of RSF to 31%), and increased development opportunities through TIER's land bank.
Subject to shareholder approval, the transaction in expected to close in 3Q'19.
Subject to shareholder approval, the transaction in expected to close in 3Q'19.
03/25/2019