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OMP Acquires 13 California Properties from AT and T
Friday 13 December 2019

13 December 2019 - California, US-based real estate investor/developer Overton Moore Properties (OMP) has acquired 13 California properties from AT and T (NYSE: T), primarily positioned in infill locations in the northern and southern parts of the state, the company said.

Terms of the transaction were not disclosed.

AT and T will enter into a short term sale lease back on the majority of the sites. OMP plans to redevelop the sites into multi-family, affordable housing, self-storage, asset repositioning that will be sold to industrial uses and/or hold the assets on a long term basis.

The AT and T acquisition represents an opportunity for OMP to re-position infill locations for higher and better uses. This is the second corporate portfolio acquisition OMP has acquired during the past two years.

Overton Moore Properties specialises in real estate development, acquisition, master planning, marketing, asset management, property management, construction management, and financial reporting of industrial, office and mixed-use projects.
Details
Date Published: 13/12/2019
Target: 13 California properties, primarily positioned in infill locations in the northern and southern parts of the state
Country: USA
Sector: Construction/Real Estate
Type: LBO
Financing:
Status: Closed
Vendor: AT and T
Buyer: Overton Moore Properties,  
Comment:
Terms of the deal were not disclosed

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