At its 2018 annual meeting, shareholders of Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, voted and approved the proposed merger transaction with Griffin Capital Essential Asset REIT that will create a $4.75 billion self-managed REIT.
Nearly 29.3 million Griffin Capital Essential Asset REIT II shares voted in favor of the merger proposal, approximately 717,000 voted against, and nearly 1.5 million abstained.
In related news, Griffin Capital Essential Asset REIT has adjourned its 2018 annual meeting to allow for additional time for stockholders to vote on the proposed merger in order to obtain additional stockholder votes.
The 2018 annual meeting will reconvene on March 29, 2019 at 9:00 a.m. Pacific at Griffin Capital Plaza.
If approved by both companies’ shareholders, Griffin Capital Essential Asset REIT II will be the surviving entity and intends to conduct a tender offer for all shareholders of at least $100 million.
Griffin Capital Essential Asset REIT’s portfolio includes 76 office and industrial properties with a total REIT capitalization of approximately $3.5 billion. The company’s initial public offering was declared effective by the Securities and Exchange Commission in November 2009. The REIT closed its follow-on offering in April 2014 and has raised a total of approximately $1.5 billion in investor equity, according to Summit Investment Research.
Griffin Capital Essential Asset REIT II has acquired 35 office and industrial buildings totaling approximately with a total REIT capitalization of approximately $1.3 billion. The offering was declared effective by the SEC in July 2014 and closed in January 2017 after raising $746 million in investor equity. The REIT commenced a follow-on offering as a perpetual life REIT in September 2017, and had raised approximately $23.2 million, as of August 15, 2018.