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CreXus to Acquire Barclays Capital Real Estate

NationalMortgageProfessional.com
Mar 21, 2011

CreXus Investment Corporation has announced that it has signed a definitive asset purchase agreement with Barclays Capital Real Estate Inc., an affiliate of Barclays Bank PLC, to acquire a portfolio of commercial real estate assets. The aggregate purchase price of the portfolio is approximately $586 million. The closing of the transaction is contingent upon the completion of certain conditions precedent, including the successful completion of a common stock offering by CreXus, and obtaining certain consents. The acquisition is targeted to close during mid-April 2011. The Barclays Capital Real Estate Inc. portfolio consists of 30 commercial real estate assets, including commercial mortgage loans, subordinate notes and mezzanine loans. The property types underlying these assets include hotels, offices, condominium, multi-family and retail properties. “We are pleased to be able to take advantage of this unique acquisition opportunity, which we believe is consistent with our investment objective of providing attractive risk-adjusted returns to our shareholders," said Kevin Riordan, chief executive officer and president of CreXus. "We believe the acquisition will not only strengthen our portfolio through the diversification, breadth and quality of the assets, it also demonstrates that CreXus is well-positioned to take advantage of opportunities in the current market environment in commercial real estate finance.”  
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