Oriole Partnership LLC Decides Not To Increase Offer for The Town and Country Trust
February 17 2006 - 1:17AM
PR Newswire (US)
PALO ALTO, Calif., Feb. 17 /PRNewswire-FirstCall/ -- Oriole
Partnership LLC, a joint venture investment vehicle formed among
Essex Property Trust, Inc. (NYSE:ESS), UBS Wealth Management -
North American Property Fund Limited, and AEW Oriole Co-Investment,
LLC, has decided not to increase its last offer and has been
notified by The Town and Country Trust (NYSE:TCT) that TCT has
entered into an amended merger agreement with Magazine Acquisition
GP LLC, Magazine Acquisition LP and Magazine Acquisition LLC. Banc
of America Securities LLC and UBS Investment Bank, LLC are acting
as financial advisors to Oriole Partnership and Willkie Farr &
Gallagher LLP is acting as legal counsel. Essex Property Trust,
Inc., located in Palo Alto, California, is a fully integrated real
estate investment trust (REIT) that acquires, develops, redevelops,
and manages apartment communities. Essex currently has ownership
interests in 127 multifamily properties (26,800 units), and has 505
units in various stages of development. Additional information
about Essex can be found on Essex's web site at
http://www.essexpropertytrust.com/. If you would like to receive
future press releases via e-mail-please send a request to . UBS
Wealth Management - North American Property Fund Limited (NAPF), a
subsidiary of The UBS Wealth Management Global Property Fund
Limited (GPF), is an investment fund focused on real estate
investments in North America. AEW Oriole Co-Investment, LLC was
formed by AEW Capital Management, L.P. ("AEW") to facilitate its
investment in Oriole Partnership. AEW is acting as investment
advisor to UBS Wealth Management - North American Property Fund
Limited in connection with the proposed transaction. AEW is a
full-service real estate investment advisor whose origins date back
to 1981. AEW offers a broad range of strategies for investors with
a variety of return objectives and its services encompass all
aspects of acquiring, managing and disposing of real estate assets.
AEW's clients include public and private pension plans, endowments,
foundations and high net worth individuals. AEW and its affiliates
currently manage over $20 billion of client capital invested in
real estate properties and securities in the U.S. and Europe. Essex
and AEW have a long standing relationship -- having partnered on
real estate transactions in the past. This press release contains
"forward-looking statements," including, among other statements,
statements regarding the proposed business combination between
Oriole Partnership and The Town and Country Trust, and the
anticipated consequences and benefits of such transaction.
Statements made in the future tense, and words such as
"anticipate", "expect", "project", "believe", "plan", "estimate",
"intend", "will", "may" and similar expressions are intended to
identify forward looking statements. These statements are based on
current expectations, but are subject to certain risks and
uncertainties, many of which are difficult to predict and are
beyond the control of Oriole Partnership. Relevant risks and
uncertainties include: general industry conditions and competition;
economic conditions, such as interest rate and currency exchange
rate fluctuations; and market demand for rental units. Risks and
uncertainties relating to the proposed transaction include: Oriole
Partnership and The Town and Country Trust may not enter into any
definitive agreement with respect to the proposed transaction;
required regulatory approvals may not be obtained in a timely
manner, if at all; the proposed transaction may not be consummated;
and the anticipated benefits of the proposed transaction may not be
realized. These risks and uncertainties could cause actual results
to differ materially from those expressed in or implied by the
forward-looking statements, and therefore should be carefully
considered. Oriole Partnership assumes no obligation to update any
forward-looking statements as a result of new information or future
events or developments. This material is not a substitute for the
proxy statement and any other documents The Town and Country Trust
would file with the SEC if a definitive agreement with the Oriole
Partnership is executed. Investors and securityholders are urged to
read such prospectus/proxy statement and any other such documents,
when available, which would contain important information about the
proposed transaction. The prospectus/proxy statement would be, and
other documents filed or to be filed by The Town and Country Trust
with the SEC are or will be, available free of charge at the SEC's
website (http://www.sec.gov/). CONTACT: Mary Jensen Director of
Investor Relations Essex Property Trust, Inc. +1-650-849-1656 FCMN
Contact: mjensen@essexpropertytrust.com DATASOURCE: Essex Property
Trust, Inc. CONTACT: Mary Jensen, Director of Investor Relations,
of Essex Property Trust, Inc., +1-650-849-1656 Web site:
http://www.essexpropertytrust.com/
Copyright
Town & Country (NYSE:TCT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Town & Country (NYSE:TCT)
Historical Stock Chart
From Aug 2023 to Aug 2024