Prime/Mansur Investment Partners, a Chicago-based joint venture of E. Barry Mansur and Michael W. Reschke, is acquiring Prime Group Realty Trust, Chicago, for a total price of about $877.2 million.The price includes $598 million of the real estate investment trust's debt and the liquidation value of its series B preferred shares, the companies said. Prime Group shareholders are to receive $6.70 per share in cash for each common share of the office and industrial REIT and $6.70 in cash per limited partnership unit of its operating partnership. Jeffrey A. Patterson, Prime Group's president and chief executive officer, said the $6.70-per-share price represents a premium of approximately 14.4% over the company's 30-day average daily closing price through Oct. 22. After the transaction closes, Mr. Mansur will be chairman of the company, and he and Mr. Reschke will be the co-CEOs.
