Starwood’s pursuit of Monmouth, first reported July 12, has set the stage for a showdown between Zell and Sternlicht, two of the biggest names in real estate investing who oversee large empires encompassing all kinds of properties. In Monmouth, they see an entry into what has emerged as one of the hottest U.S. property sectors warehouses wagering that the good times will continue and deliver hefty profits for their shareholders.
In a statement today, Miami-based Starwood said that an affiliate, Starwood Real Estate Income Trust, made an all-cash offer for Monmouth on July 8 that worked out to $18.70 per share. The Starwood affiliate followed up on July 15 with a revised cash offer that amounts to $18.88 per share, according to the statement.
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