New York, Jan 12 — A joint venture between Elliott Investment Management L.P. (together with its affiliates, “Elliott”) and Morning Calm Management, LLC (collectively, “MCME Carell”) announced today that MCME Carell has completed its previously announced acquisition of City Office REIT, Inc. (NYSE: CIO) (“City Office REIT” or “CIO”) for $7.00 per share of common stock. As a result of the transaction, CIO’s common stock will no longer be listed on any public market.
James Farrar, City Office REIT’s Chief Executive Officer, said, “Today’s closing concludes the delivery of immediate and significant value to CIO’s shareholders as a result of the acquisition. This outcome, with over 98% of voting stockholders supporting the acquisition, reinforces the merits of the transaction and speaks to the hard work our team has done throughout this process.”
Mukang Cho, Morning Calm Management, LLC’s Chief Executive Officer, commented, “We are pleased to have completed this transaction and are excited to have commenced our work to create value within this portfolio. This investment furthers our partnership with Elliott to pursue opportunities in the US commercial real estate space and underscores our partnership’s continued belief in the recovery of the office sector. We expect to continue to invest in high-quality commercial real estate assets where we see value resulting from the dislocation of the broader sector.”