Regency Centers Corporation and Urstadt Biddle Properties Inc. announced on Thursday that they have entered into a definitive merger agreement in which Regency will acquire Urstadt Biddle in an all-stock transaction valued at approximately $1.4 billion, including the assumption of debt and preferred stock. The combined company is expected to have a pro forma equity market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion, with its portfolio comprising 481 properties.
Lisa Palmer, President & CEO of Regency commented: “The portfolio that Urstadt Biddle has carefully assembled over more than 50 years offers a highly aligned demographic and merchandising profile to Regency…both companies have successful track records for owning & operating best-in-class grocery-anchored neighborhood & community centers in premier suburban trade areas.”
The transaction is anticipated to close late third quarter or early fourth quarter this year.
