Ravelin Properties Acquired by Clarke | Real Estate Services M&A Deal

Clarke has completed the acquisition of Ravelin Properties, a real estate development business in Illinois, for $1.1 billion. Clarke acquires Ravelin Properties to expand its Chicago-area office portfolio through real estate services M&A, including Loop assets at 120 South LaSalle Street and 20 South Clark Street plus a Lake Forest property at 275 North Field Drive. Ravelin Properties, a Toronto-based REIT, owned and managed office real estate and faced financial stress that included a $33 million debenture default. The strategic acquisition is structured as a merger acquisition led by strategic buyer Clarke, with Clarke acquisitions positioned to convert key towers to debt-free operations and support leasing momentum.