MCB Real Estate has made a bid to acquire Whitestone REIT, a Houston-based company, for approximately $750 million. This offer includes the assumption of Whitestone’s existing debt of around $667 million, bringing the total value of the deal to about $1.45 billion.
Whitestone currently owns and operates 57 shopping centers in Texas and Arizona with a combined gross leasable area of 5.1 million square feet. As reported at the end of the second quarter, these properties had an occupancy rate of 93.5%, which is slightly higher than their previous rate in Q2 2023 at 93.3%.
According to sources from The Houston Business Journal, MCB had previously attempted to purchase Whitestone for $14 per share back in early June; however, this initial proposal was rejected by Whitestone’s board due its valuation being around $700 million.
As it stands now,MBC holds a significant stake as oneof Whistone’s top three shareholders with ownership totaling up to9 .4%. With their latest takeover offer representinga premium increaseof14 .5% overthe share price on June third before MCB initially proposed acquisition plans.Whitestone stock closedat$14 .34per shareon October ninth following news regardingMBC ‘s most recentoffer.
