Independence Realty Trust (IRT), RAIT Financial Trust (RAS) Enter Agreement on Management Internalization
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RAIT Announces Agreement with Independence Realty Trust to Internalize Management and Future Management Changes
September 27, 2016 6:40 AM EDTPHILADELPHIA--(BUSINESS WIRE)-- RAITÂ Financial Trust (NYSE: RAS) (RAIT or the Company)Â announced today that it has entered into a definitive agreement to sell its subsidiary, Independence Realty Advisors, LLC, the external advisor of Independence Realty Trust, Inc. (NYSE MKT: IRT) (IRT) and certain assets of the Companys subsidiary, Jupiter Communities, LLC (d/b/a RAIT Residential) to IRT for $43 million in a transaction to permit IRT to internalize its advisor and property management functions (the Internalization Transaction). In addition, RAIT has agreed to sell back to IRT approximately 7.3 million... More
Independence Realty Trust Announces Management Internalization
September 27, 2016 6:40 AM EDTPHILADELPHIA--(BUSINESS WIRE)-- Independence Realty Trust, Inc. (IRT) (NYSE: IRT) today announced that it has entered into a definitive agreement with RAIT Financial Trust (RAIT) (NYSE: RAS) with respect to the internalization of IRTs external management arrangements (the Internalization) and separation from RAIT and certain of RAITs affiliates.
The Internalization will consist of two parts: (i) the acquisition of IRTs external advisor, which is a subsidiary of RAIT, and (ii) the acquisition of certain assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT,... More
