Green Courte to Buy American Land Lease

Green Courte Partners LLC, Chicago, will purchase American Land Lease Inc., a Clearwater, Fla., real estate investment trust for $14.20 per share in cash, giving the deal a value of $438 million. The deal is structured in two steps, with Green Courte first making a tender offer for all of American Land Lease's common stock. Under the second step, any shares not acquired in the tender offer will be converted into the right to receive the same cash price per share. The limited partners of Asset Investors Operating Partnership LP, the operating partnership of American Land Lease, will receive $14.20 per share for each of their limited partnership units. Four directors of American Land Lease, who collectively own 12% of the company's common stock, have committed to tender their shares and sell their OP units to Green Courte. American Land Lease's series A cumulative redeemable preferred stock will remain outstanding after the transaction is completed. Wachovia Capital Markets LLC was the financial advisor while Skadden, Arps, Slate, Meagher & Flom LLP and Hill Ward Henderson served as legal counsel for American Land Lease. The legal counsel for Green Courte was DLP Piper LLP (U.S.). GCP is a private equity investment firm focused primarily on the ownership and operation of manufactured housing communities, retail and mixed-use properties, and parking assets. American Lend Lease specializes in retirement homes for "active adults."