Mid-America and Colonial Merge

From the Wall Street Journal:

Mid-America Apartment Communities Inc. (MAA) and Colonial Properties Trust (CLP) have agreed to merge, creating a Sunbelt-focused real estate investment trust with a total market capitalization of $8.6 billion.

The adjusted market capitalization is about $5.1 billion…

The transaction is expected to close during the third quarter.

The pair noted that their combination brings together two complementary multifamily portfolios with a combined asset base consisting of about 85,000 multifamily units in 285 properties. “The combined company will maintain strategic diversity across large and secondary markets within the high growth Sunbelt region of the U.S.,” said the pair in a statement.

The combined company’s ten largest markets will be Dallas/Ft. Worth, Atlanta, Austin, Raleigh, Charlotte, Nashville, Jacksonville, Tampa, Orlando and Houston.