The fate of the largest real estate deal in history remains uncertain after Equity Office Properties Trust (EOP) confirmed in late December that it will consider higher bids than the record-breaking $20 bn plus $16 bn in debt assumption tabled by the Blackstone Group in November.
The fate of the largest real estate deal in history remains uncertain after Equity Office Properties Trust (EOP) confirmed in late December that it will consider higher bids than the record-breaking $20 bn plus $16 bn in debt assumption tabled by the Blackstone Group in November.
At least four different groups expressed interest in acquiring all or part of the Chicago-based real estate investment trust before EOP agreed to the Blackstone $48.50 per share offer, the Wall Street Journal reported. Market watchers were divided however on the chances of a higher offer materialising before the acquisition is due to close in the first quarter of 2007.
Blackstone, one of the world's largest private equity funds, was involved with several REIT buyouts in 2006, including those of office owners Trizec Properties and CarrAmerica, and hotel landlord Meristar.
