Crescent Wants to Go Private
MSNBC is reporting that Crescent Real Estate Equities Co., a publicly traded real estate investment trust with large office holdings in Houston, Dallas, Fort Worth, Austin, Denver, Miami and Las Vegas, is negotiating a deal to go private. A deal that would have them selling their holdings for an estimated $6 billion to Istithmar, a Dubai-based investment holding company.
While Istithmar is in the lead, there are other companies eyeing Crescent’s portfolio including Colony Capital LLC, a private international investment firm; and Starwood Capital Group Global LLC, a Connecticut firm with a diversified portfolio of residential and commercial properties. The deal is considered so complicated it may not go through, but if it does, it would be the latest in a trend that has public real estate companies across the country going private.