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8/19/14
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It looks like Evoq Properties will be sold. A group of investors led by Atlas Capital Group has reached an agreement to acquire Evoq for about $357 mil. The pending deal has been widely reported previously, including on RENTV.
The deal calls for Evoq shareholders to receive $12.96 per share, roughly 50% over the firm’s trading price prior to this news. Besides Atlas, other entities in the buying group include Square Mile Capital Management, out of New York and
San Antonio-based USAA Real Estate Company.
EVOQ Properties’ Board of Directors had been exploring potential strategic alternatives for some time. The firm’s portfolio includes more than 2 msf of rentable space and more than 13 total acres of prime development land in downtown Los Angeles. And, as December 31, 2013, the company had approximately $36.7 mil in cash.
Evoq, previously known to many as Meruelo Maddux Properties Inc, filed for BK back in 2009. It has since undergone a re-organization and changed its name to Evoq Properties in 2012.
The firm’s assets include the 32-acre Alameda Square, a former rail terminal located near the intersection of Seventh and Alameda streets in downtown LA. The company also owns Santa Fe Commerce Center, a 261.5k sf industrial building in Los Angeles. Santa Fe Commerce Center sits on 8.58 acres about 1.5 miles southeast of downtown Los Angeles. Evoq just obtained a $16.4 mil refi loan on the multi-tenant property, which is fully leased.
EVOQ had retained Houlihan Lokey and Eastdil Secured as financial advisors to assist the Board in evaluating its options earlier in the process. The sale transaction is expected to close in October.
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