City Office REIT to be taken private in near US$1.1 billion deal
City Office REIT said on Thursday it has agreed to be taken private by MCME Carell, an affiliate of hedge fund Elliott Investment, in an all-cash deal valued at nearly US$1.1 billion, including the assumption of debt.
MCME Carell will acquire all the outstanding shares of the real estate company it does not already own for $7.00 per share, representing a 26 per cent premium to the stock's last close.
Shares of City Office rose more than 24 per cent to $6.92 in morning trading, their highest since March 2023. They have risen 25 per cent since the start of the year.
'In light of a challenging environment for the office sector, this transaction delivers immediate and significant value to our shareholders,' CEO James Farrar said.
Morning Calm Management, another affiliate of MCME Carell, said the deal underscored its continued belief in the recovery of the office sector and its interest in acquiring high-quality office assets in strong growth markets.
The deal 'provides a shorter timetable (for shareholders) to realizing $7/share of value, but obviously takes additional upside off the table,' said Robert Stevenson, analyst at financial advisory firm Janney Montgomery Scott.
Vancouver-based City Office owns and operates office properties mainly in Sun Belt markets. It owns about 54 office buildings in Dallas, Denver, Orlando and Phoenix among others.
A post-pandemic switch to hybrid and remote work models by companies knocked down demand for office spaces significantly below pre-pandemic levels and vacancy rates to historic lows.
At the same time, higher borrowing costs make it more expensive for builders to finance or re-finance their properties.
The deal, expected to close in the fourth quarter, is subject to certain agreements including among other things, the sale of the company's Phoenix portfolio.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Shailesh Kuber)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBC
24 minutes ago
- CBC
Trump says U.S. may not reach a trade deal with Canada
As U.S. President Donald Trump says he hasn't 'really had a lot of luck' negotiating a trade deal with Canada so he may just impose a 35 per cent tariff on non-CUSMA-compliant Canadian goods on Aug. 1, the Power & Politics panel of party insiders discusses what the comments mean for Prime Minister Mark Carney and Canada's economic outlook.
Globe and Mail
an hour ago
- Globe and Mail
Digital Transformation in Clinical Trials: Unlocking ROI with eCOA Solutions
"Prominent players in the Electronic Clinical Outcome Assessment (eCOA) Solutions market include include Signant Health (US), IQVIA HOLDINGS INC, (US), Oracle Corporation (US), Kayentis (France), TransPerfect (US)" How Electronic Clinical Outcome Assessment (eCOA) Platforms Are Revolutionizing Data Collection, Compliance, and Speed in Life Sciences The global eCOA solution market, valued at US$1.94 billion in 2024, is forecasted to grow at a robust CAGR of 16.1%, reaching US$2.27 billion in 2025 and an impressive US$4.78 billion by 2030. This growth is primarily driven by increasing investments in research and development from medical device companies looking for digital endpoints. Additionally, the growing use of connected devices facilitates real-time data capture in healthcare settings. There is also a heightened need to speed up clinical trial timelines and shift towards patient-centric research, which is driving demand for electronic Clinical Outcome Assessment (eCOA) platforms that allow for remote and direct reporting from patients. Moreover, the need for greater data accuracy and real-time reporting is a key factor, as sponsors aim to reduce transcription errors and ensure high-quality outcome measures. Regulatory bodies are promoting digital adoption by providing clearer guidance on software validation and post-market monitoring, helping to mitigate risks associated with eCOA implementations. Finally, the emergence of decentralized and hybrid trial designs has created opportunities for lightweight, mobile eCOA solutions, enabling continuous data collection outside traditional trial sites. 434 - Tables 54 - Figures 413 - Pages By Deployment Model, the wearables, mobile devices, and other devices market are divided into the bring your own device (BYOD) models, provisioned device models, and hybrid models. The BYOD models segment accounted for the largest market share in 2024. The growth of the BYOD (Bring Your Own Device) market is primarily driven by cost-effectiveness, as it eliminates the need for sponsors to manage dedicated devices, lowering trial costs. Patient familiarity with their devices enhances user-friendliness, boosting engagement and data quality while increasing accessibility for geographically dispersed and resource-limited patients, aligning with decentralized trials. Additionally, technological advancements in secure data encryption address security concerns, and evolving regulations favor secure BYOD implementation in certain regions, positioning it as a cost-efficient, patient-centric approach in clinical trials. By application, the Electronic Clinical Outcome Assessment (eCOA) Solutions market is segmented into clinical trials, observational studies & real-world evidence (RWE) generation, patient management & registries, and other applications. Among these, observational studies & real-world evidence generation are the fastest growing in the Electronic Clinical Outcome Assessment (eCOA) Solutions market within the forecast period. The key factors driving the market growth include the increasing emphasis on the significance of real-world data in healthcare decision-making. Moreover, the growing acceptance of real-world evidence (RWE) by regulatory bodies, healthcare providers, and pharmaceutical companies is also expected to fuel market growth. RWE is crucial for understanding a treatment's effectiveness, safety, and overall impact on patients in everyday clinical practice. By geography, The Electronic Clinical Outcome Assessment (eCOA) Solutions market is segmented into five regional segments: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2024, North America accounted for the largest share of the Electronic Clinical Outcome Assessment (eCOA) Solutions market. This region is home to numerous pharmaceutical and biotechnology companies that utilize electronic Clinical Outcome Assessment (eCOA) solutions. These companies conduct extensive clinical trials, aiming for efficient and accurate data collection methods to meet stringent regulatory standards. Additionally, North America's well-established healthcare infrastructure and the high level of digital literacy among healthcare professionals facilitate the smooth integration of eCOA technologies. Furthermore, the region's research and development leadership and significant investments in healthcare technology solidify its position at the forefront of the eCOA market. The electronic clinical outcome assessment (eCOA) solutions market is consolidated and is dominated by key players. The key players operating in this market include IQVIA (US), Medidata (US), ICON Plc (Ireland), Signant Health (US), Clario (US), Oracle Corporation (US), Medable Inc. (US), Merative (US), Parexel International (MA) Corporation (US), Climedo Health GmbH (Germany), Healthentia (Belgium), Veeva Systems (US), assisTek (US), Curebase Inc. (US), Castor (US), EvidentIQ Group GmbH (Germany), YPrime, LLC (US), Clinical Ink (US), Clinion (US), Kayentis (France), TransPerfect (US), ObvioHealth USA, Inc. (US), WCG Clinical (Germany), ClinCapture (US), and Cloudbyz (US). IQVIA HOLDINGS INC. (US) IQVIA is the leading player in the eCOA solutions market. The company's leading position in the market can be attributed to various factors, such as its robust technology and service capabilities, good client relationships, diversified service offerings, and its ability to enhance the penetration of its offerings through significant R&D expenditure and product innovation. IQVIA focuses on product launches, agreements & partnerships to sustain its market position. The company has a wide geographical presence in over 100 countries across North America, Europe, Asia, Latin America, and Africa. The company has the largest and most comprehensive collection of healthcare data globally, including over 1.2 billion comprehensive prescription and promotional datasets, patient records, electronic medical records, genomic datasets, and datasets from social media. Medidata (US): Medidata is one of the leading providers of cloud-based solutions for clinical trials. The company offers a comprehensive suite of eCOA solutions to streamline data collection and improve patient engagement in clinical research. As part of its business overview, Medidata emphasizes its commitment to revolutionizing the way clinical trials are conducted by harnessing the power of technology to enhance efficiency, accuracy, and patient-centricity. The company's strong position in the market is due to its research capabilities and innovative product portfolio. Medidata has offices and facilities across North America, Europe, Asia Pacific, and Latin America. These offices serve as hubs for sales, customer support, research & development, and other business functions, allowing Medidata to serve customers and partners across different regions effectively. For more information, Inquire Now!
Globe and Mail
3 hours ago
- Globe and Mail
Omega Announces Quarterly Dividend
Omega Healthcare Investors, Inc. (NYSE:OHI) today announced that the Company's Board of Directors declared a cash dividend of $0.67 per share on its common stock. The dividend is payable Friday, August 15, 2025, to common stockholders of record as of the close of business on Monday, August 4, 2025. Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. Its portfolio of assets is operated by a diverse group of healthcare companies, predominantly in a triple-net lease structure. The assets span all regions within the US, as well as in the UK. More information on Omega is available at
