Essex to buy BRE Properties for about $4.34 bln

Thu Dec 19, 2013 8:21am EST

Dec 19 (Reuters) - Essex Property Trust Inc, a manager of residential properties on the U.S. West Coast, said it would buy BRE Properties Inc for about $4.34 billion in cash and stock.

Under the terms of the deal, Essex will pay BRE shareholders $12.33 per share in cash, and offer 0.2971 newly issued Essex shares for each BRE share held.

BRE operates apartment communities in California and Seattle. (Reporting by Mridhula Raghavan in Bangalore; Editing by Kirti Pandey)

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