|<< Back to News|
Starwood Financial And TriNet Announce Filing Of Merger Proxy
|NEW YORK and SAN FRANCISCO – July 27, 1999 – Starwood Financial Trust (ASE: APT) and TriNet Corporate Realty Trust, Inc. (NYSE: TRI) have filed with the Securities and Exchange Commission a joint proxy and registration statement for their pending merger, which was announced on June 16. The terms of the merger described in the joint proxy are identical
to those detailed in the merger agreement filed as an exhibit to the companies’ Forms 8-K on
Commenting on the joint proxy filing, Jay Sugarman, chief executive officer and president of Starwood Financial, said “We are pleased to have taken the next step toward the completion of our pending merger. Both TriNet and Starwood Financial are excited about the prospects of joining forces to create a leading force in providing custom-tailored, structured financing solutions to real estate owners and corporate tenants nationwide.”
Robert W. Holman, Jr., TriNet’s chairman and chief executive officer, added “Both companies remain firmly committed to closing the merger in a timely manner. We expect the closing to occur in the early fourth quarter of 1999.”
The joint proxy and registration statement was filed with the SEC on a confidential basis on July 26 and will be circulated to TriNet and Starwood Financial shareholders following its being declared effective by the SEC.
TriNet Corporate Realty Trust, Inc. is the largest publicly-traded company specializing in the net leasing of corporate office and warehouse distribution properties. TriNet provides capital to major corporations and real estate owners nationwide by structuring purchase/leaseback transactions and acquiring properties subject to existing long-term leases to creditworthy office and industrial tenants. The company’s portfolio contains 144 properties comprising more than 19 million square feet in 25 states and is 96% leased. Additional information on TriNet Corporate Realty Trust, Inc. is available on the company’s Web site at http://www.tricorp.com.
Starwood Financial is the leading publicly traded finance company focused exclusively on the commercial real estate industry. The company, which is taxed as a real estate investment trust, provides structured mortgage, mezzanine and lease financing through its proprietary origination, acquisition and servicing platform. The company’s mission is to maximize risk-adjusted returns on equity by providing innovative and value-added financing solutions to the real estate industry.
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Starwood Financial and TriNet believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, the companies can give no assurance that their expectations will be attained. Factors that could cause actual results to differ materially from the companies’ expectations include completion of the merger and related transactions, the combined company’s ability to achieve its property disposition targets and its ability to secure a credit enhancement arrangement on satisfactory terms, the combined company’s ability to originate new investments, the availability and cost of capital for future investments, competition within the finance and real estate industries, real estate and economic conditions, and other risks detailed from time to time in SEC reports filed by Starwood Financial and TriNet.
For more information about Starwood Financial, please call 1-800-PRO-INFO and enter ticker symbol APT.
|<< Back to News|