Ares to Buy Whitestone REIT in $1.7B All-Cash

Ares Management has agreed to acquire Whitestone REIT in an all-cash transaction valued at $1.7 billion. The deal will take the publicly traded Houston-based REIT private.

Whitestone’s shopping center portfolio is exclusively invested in Arizona and Texas. The $1.7 billion price represents a 12.2% premium to Whitestone’s most recent stock close of $18.90 per share on April 8 and a 26.5% premium to the level one month earlier.