JV to Buy Baltimore REIT for $1.3B

The Town and Country Trust, a Baltimore-based real estate investment trust, has announced an agreement to be acquired for approximately $1.3 billion by a joint venture investment vehicle formed by affiliates of Morgan Stanley Real Estate and Onex Real Estate.Under the agreement, holders of TCT's common shares of beneficial interest will receive $33.90 per share, and holders of limited partnership units in the multifamily REIT's operating partnership will be entitled to receive $33.90 per unit. The $1.3 billion total for the all-cash transaction includes the assumption of debt. TCT said the per-share purchase price represents a 13.8% premium over its closing price on Dec. 19. Onex Real Estate was formed in January by Onex Corp., a diversified Canadian company. TCT can be found online at http://www.tctrust.com, and Onex can be found at http://www.onex.com.