Columbia Property Trust Hires Adviser After Approaches
(Bloomberg) -- Columbia Property Trust Inc. has hired an adviser after receiving takeover interest, according to people familiar with the matter.
The Atlanta-based real estate investment trust is working with Morgan Stanley said the people, who asked to not be identified because the information isn’t public. It received approaches from potential buyers earlier this summer, they said.
The offers weren’t compelling and there is only a slim chance that it will reach a sale agreement, one of the people said.
Columbia’s shares rose 5 percent to $24.73 at 12:33 in New York trading Thursday, giving the company market value of about $2.9 billion
The Wall Street Journal reported that Columbia is exploring a sale earlier.
REIT takeover activity has been booming this year, with much of it driven by acquisitive investment firms with ample capital to spend such as Brookfield Asset Management Inc. and Blackstone Group LP.
Columbia owns and operates Class A office buildings in cities including New York, San Francisco and Washington, with a portfolio of 19 properties encompassing 9 million square feet, according to its website.
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