The Hedge Funds Weblog
Merger Puts 6.8 mill Sq Ft Of Office Space In Hedge Funds Hands
In a HedgeCo story; Hedge fund investor Fortress Investment Group LLC has acquired Florida East Coast Industries, Inc. (FECI) for approximately $3.5 billion, according to a press release. The merger agreement was unanimously approved by FECI's Board of Directors. Upon completion of the transaction, FECI will become a privately held company, and its common stock will no longer be publicly traded.
Florida East Coast Industries, Inc., owns, develops, leases and holds in joint ventures, approximately 8.6 million square feet of Class-A office and industrial space primarily in Jacksonville, Orlando and South Florida counties of Palm Beach, Broward and Miami-Dade, as well as an additional 1,916,000 square feet under construction.
Fortress Investment Group LLC is a leading global alternative asset manager with approximately $35.1 billion in assets. Fortress manages private equity funds, hedge funds and publicly traded alternative investment vehicles. The private equity funds total approximately $19.9 billion of the firm's assets under management.
No Comments