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S&P affirms Chambers Street on merger news
Standard & Poor’s said it affirmed the ratings on Chambers Street Properties, including the BBB- corporate credit rating.
The outlook is stable.
Chambers Street Properties announced that it entered into an agreement to merge with Gramercy Property Trust, S&P said.
The 100% stock merger of equals is likely to close later this year and Gramercy shareholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock, the agency said.
The management team will be led by Gramercy executives and Chambers Street will retain the chairmanship, S&P said.
The proposed merger with Gramercy should result in improved scale and diversity and diminish any concerns with succession at the legacy Chambers Street entity, the agency said.
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