Equity One agreed to merge with Regency Centers Corporation, creating the preeminent national owner, operator and developer of high-quality, grocery-anchored neighbourhood and community shopping centers in the United States.
The combined company’s real estate investment trust (REIT) portfolio includes 429 properties encompassing more than 57 million square feet of commercial retail space. It will also have increased presence within key U.S. metropolitan areas, broader tenant diversity, and meaningful balance sheet capacity to enable further investment and growth.
Barclays supported Equity One as its lead financial advisor on the deal and played a key role in the successful execution of the transaction.
|A brief history of our partnership with Equity One|
|February 2016||Barclays acted as Sole Placement Agent on the Company’s inaugural private offering of US$200mm of Senior Unsecured Notes due in May and August 2026.|
|November 2015||Barclays participated in the Company’s inaugural US$225mm at the market (ATM) program.|
|May 2011||Barclays priced the Company’s US$97 million registered block trade.|
|December 2010||Barclays priced the Company’s US$135 million registered block trade.|
This merger will be a transformative event for both companies. The alignment of our respective portfolios, development/redevelopment pipelines, industry-leading operations, and access to a lower cost of capital, opens us to new avenues of growth that will benefit all shareholders.David Lukes, Chief Executive Officer of Equity One
With the completion of this US$6 billion all-stock merger transaction, the combined company is expected to have a total capitalisation of US$15.6 billion and a market capitalisation of US$11.7 billion, making it the largest shopping center REIT, by equity value1.
Through the combination of two highly complementary real estate portfolios, shareholders of both companies are poised to benefit from meaningful synergies, an expanded development and redevelopment program and greater financial flexibility.
1Regency Centers investor presentation, November 2016