Greystar to acquire Monogram for $3bn

By Prasun Bose

Greystar, the biggest apartment operator in the United States, is to acquire Monogram in a transaction valued at $3bn.

The agreement has been signed off by the Board of Directors at Texas-based Monogram, the developer of luxury apartments that has significant property interest in coastal markets such as Boston and South Florida.

Monogram’s shareholders will receive $12.00 per share at a 22% premium to their closing price earlier this week.

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The company was expected to deliver sub-par financial results for this year and 2018 but the merger with Greystar is a positive result for shareholders, according to CEO and President Mark Alfieri.

"This landmark is the result of Monogram's success at executing and delivering on strong operations, innovative development programs and investment strategies in conjunction with skillful market timing," he said in a statement.

"The interest we received from this sophisticated group of investors demonstrates that our targeted focus on building our portfolio with high quality Class A assets in select core markets has been recognized and our stockholders and joint venture partners are rewarded with this successful outcome."

Greystar’s fund for the purchase received capital from other investors including Dutch pension capital investor APG Asset Management, Singaporean fund GIC and Canadian investor Ivanhoe Cambridge.

The Charleston-based company is also exploring overseas markets and hope to own 10,000 apartment in London within four years.

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