{"id":1004663763,"date":"2023-05-19T03:44:15","date_gmt":"2023-05-19T11:44:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004663763"},"modified":"2023-05-19T05:19:08","modified_gmt":"2023-05-19T13:19:08","slug":"regency-centers-to-buy-urstadt-biddle-for-1-4b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/","title":{"rendered":"Regency Centers to Buy Urstadt Biddle for $1.4B"},"content":{"rendered":"
\"Escalator\"<\/a>

Shopping center. Image by Anja via pixabay<\/em><\/p><\/div>\n

Regency Centers Corp<\/strong>., a national owner, operator and developer of shopping centers, has entered into a merger agreement with Urstadt Biddle Properties Inc<\/strong>., a self-administered equity REIT, to acquire the company in an all-stock transaction valued at $1.4 billion. Upon closing, the combined company is anticipated to have a total enterprise value of approximately $16 billion.<\/p>\n

Urstadt Biddle owns or has equity interests in 5.3 million square feet of space across 77 properties. The merger brings the combined company’s portfolio to a total of 481 properties comprising more than 56 million square feet of gross leasable area.<\/p>\n

\n

READ ALSO<\/strong>: What the New Wave of M&As Means for CRE<\/a><\/p>\n

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The deal increases Regency\u2019s square footage of grocery-anchored shopping centers in suburban trade areas, broadens its national presence, increases the overall tenant roster and allows for further utilization of the company’s operating platform.<\/p>\n

Expected to close in the late third quarter or early fourth quarter of this year, the merger brings some $9 million in annual cost savings benefits, while maintaining liquidity and balance sheet strength for the combined company.<\/p>\n

Wells Fargo Securities <\/strong>and RBC Capital Markets <\/strong>are Regency\u2019s financial advisors. Wachtell, Lipton, Rosen & Katz <\/strong>is the legal advisor for Regency while Hogan Lovells US LLP <\/strong>is the legal advisor for Urstadt Biddle. Eastdil Secured <\/strong>and Deutsche Bank <\/strong>are Urstadt Biddle\u2019s financial advisors in the deal.<\/p>\n

Terms of the merger agreement<\/h2>\n

The purchase of Urstadt Biddle will include the assumption of its debt and preferred stock. The merger brings the combined company to an expected pro forma equity market capitalization of approximately $11 billion.<\/p>\n

The Boards of Directors of both companies have approved the merger. Under the agreement, Urstadt Biddle\u2019s stockholders will receive 0.347 of a newly issued REG share for each Class A Common (UBA) and Common (UBP) share they own. According to Regency\u2019s closing share price on May 17th, this translates into an estimated total consideration of approximately $20.40 per share.<\/p>\n

Upon closing, shareholders of Regency and Urstadt Biddle will own approximately 93 percent and 7 percent, respectively, of the combined company.<\/p>\n

The transaction’s completion is subject to the receipt of approval of UBA and UBP shareholders, among other customary factors. There is an agreement of the stockholders holding 68 percent of UBP\u2019s voting rights to vote in favor of the merger.<\/p>\n

Recently, the commercial real estate industry has seen several brokerage level M&A deals as companies try to remain competitive amid economic uncertainty<\/a>. Some of the companies in these transactions include KLNB, the Divaris Group and SSH Real Estate. While several experts explained to Commercial Property Executive <\/em>that now is a great time to make a merger deal happen, acquiring the right financing<\/a> is becoming increasingly tricky.<\/p>\n","protected":false},"excerpt":{"rendered":"

This acquisition will significantly expand Regency\u2019s footprint in the Northeast.<\/p>\n","protected":false},"author":3006,"featured_media":1004663764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[32791,33101,36932,33813,33003,37131,38344],"class_list":["post-1004663763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-deutsche-bank","tag-eastdil-secured","tag-hogan-lovells","tag-rbc-capital-markets","tag-regency-centers-corporation","tag-urstadt-biddle-properties-inc","tag-wells-fargo-securities"],"acf":[],"yoast_head":"\nRegency Centers to Buy Urstadt Biddle for $1.4B - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Regency Centers Corp. has entered into a $1.4 billion merger agreement with Urstadt Biddle Properties Inc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regency Centers to Buy Urstadt Biddle for $1.4B\" \/>\n<meta property=\"og:description\" content=\"Regency Centers Corp. has entered into a $1.4 billion merger agreement with Urstadt Biddle Properties Inc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-19T11:44:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-19T13:19:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/escalator-g4c4732738_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/\",\"name\":\"Regency Centers to Buy Urstadt Biddle for $1.4B - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/escalator-g4c4732738_1280.jpg\",\"datePublished\":\"2023-05-19T11:44:15+00:00\",\"dateModified\":\"2023-05-19T13:19:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/366883c93fc1efde412301ab6a4570f9\"},\"description\":\"Regency Centers Corp. has entered into a $1.4 billion merger agreement with Urstadt Biddle Properties Inc.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/regency-centers-to-buy-urstadt-biddle-for-1-4b\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/escalator-g4c4732738_1280.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/escalator-g4c4732738_1280.jpg\",\"width\":800,\"height\":620,\"caption\":\"Shopping center. 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