Ares Management Corp. plans to buy Whitestone REIT and take its 5M SF portfolio of open-air retail space off the public market at a $1.7B valuation.
The Los Angeles-based alternative asset manager announced an all-cash deal to buy out Whitestone shareholders for $19 per share, a 12.2% premium on the stock’s Wednesday closing price. The deal, set to close in the third quarter, is the latest in a string of take-private acquisitions from investment firms looking to capitalize on perceived discounts in REIT valuations.