Great Lakes REIT, Oak Brook, Ill., has announced a merger agreement under which it will be acquired by Asian Realty Partners II LP, an affiliate of Transwestern Investment Co.Great Lakes said Transwestern has agreed to pay no less than $14.98 per share in cash to shareholders upon the closing of the merger. Under the agreement, Great Lakes is permitted to sell certain of its properties, including its portfolio of medical office buildings and its two Minnesota assets, to the extent that the net proceeds from the sales would exceed the value of such properties specified by Transwestern.
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