Overview
- Ares reached a definitive agreement to acquire Whitestone in a $1.7 billion deal that values the REIT at a 12.2% premium to its April 8 closing price.
- Whitestone’s board approved the transaction unanimously, and the companies target a third-quarter 2026 close pending a shareholder vote and other standard conditions.
- The agreement carries no financing condition, and Whitestone will go private with its shares de-registered and removed from the NYSE once the deal closes.
- Whitestone owns 56 neighborhood retail centers totaling about 4.9 million square feet in Phoenix, Austin, Dallas–Fort Worth, Houston, and San Antonio.
- The offer also represents a 26.5% premium to the share price before a March 5 sale-process report, reflecting how the formal review lifted valuations.