MIAMI, July 22, 2021 /PRNewswire/ -- Starwood
Capital Group ("Starwood Capital"), a leading global private
investment firm focused on real estate and energy, issued the
following statement today in response to Monmouth Real Estate
Investment Corp.'s (NYSE: MNR) ("Monmouth") Board of Directors'
decision to reject an all-cash acquisition proposal from a
controlled affiliate of Starwood Capital. Starwood Capital
continues to believe its proposal provides substantially more value
to Monmouth shareholders than its current merger agreement with
Equity Commonwealth ("EQC"):
"This latest decision of the Monmouth board to recommend the EQC
stock offer is highly disappointing and we firmly believe it
is not in the best interests of all of Monmouth's shareholders. The
enhanced Starwood Capital proposal provides Monmouth shareholders
in excess of $100 million of
additional value relative to the implied value of the Equity
Commonwealth transaction based on EQC's closing price today of
$26.61. We believe Monmouth's
shareholders will express similar disappointment when they are
asked to approve the EQC transaction by a vote of two thirds of
outstanding shares, and we stand ready to execute our fully
financed, fully actionable all-cash offer."
About Starwood Capital
Group
Starwood Capital Group is a private
investment firm with a core focus on global real estate, energy
infrastructure and oil & gas. The Firm and its affiliates
maintain 16 offices in seven countries around the world, and
currently have approximately 4,000 employees. Since its inception
in 1991, Starwood Capital Group has raised over $60 billion of capital, and currently has over
$80 billion of assets under
management. Through a series of comingled opportunity funds and
Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT,
the Firm has invested in virtually every category of real estate on
a global basis, opportunistically shifting asset classes,
geographies and positions in the capital stack as it perceives
risk/reward dynamics to be evolving. Starwood Capital also manages
Starwood Property Trust (NYSE: STWD), the largest commercial
mortgage real estate investment trust in the United States, which has successfully
deployed over $69 billion of capital
since inception and manages a portfolio of over $18 billion across debt and equity investments.
Over the past 29 years, Starwood Capital Group and its affiliates
have successfully executed an investment strategy that involves
building enterprises in both the private and public markets.
Additional information can be found at
starwoodcapital.com.
Media Contact
Tom Johnson or Dan Scorpio
tbj@abmac.com/dps@abmac.com
+1 (212) 371-5999
Investor Contact:
Innisfree M&A Incorporated
Scott Winter / Jonathan Salzberger / Gabrielle Wolf
+1 (212) 750-5833
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SOURCE Starwood Capital Group