Deerfield Triarc to Buy External Manager

Deerfield Triarc Capital Corp., a Chicago-based real estate investment trust, has announced an agreement to acquire Deerfield & Co. LLC from Triarc Cos. for a total consideration of approximately $290 million in stock and cash.The purchase price would consist of $145 million in cash and approximately 9.635 million shares of Deerfield Triarc common stock, which has a current value of approximately $145 million, the company said. Deerfield & Co. is Deerfield Triarc's Chicago-based external manager, which would be internalized via the acquisition. In related news, Nelson Peltz has resigned as chairman of the board of Deerfield Triarc and as chairman and chief executive officer of Triarc, while remaining on Deerfield Triarc's board, Deerfield Triarc said. Peter Rothschild was named chairman of Deerfield Triarc. The REIT, which invests in real-estate-related securities and various other asset classes, can be found online at http://www.deerfieldtriarc.com.

For reprint and licensing requests for this article, click here.
MORE FROM NATIONAL MORTGAGE NEWS