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Colony Starwood REIT Completes $7.7B Merger


Colony Starwood Homes just completed its $7.7B merger, becoming the third-largest owner of single-family rentals overnight. Starwood Waypoint Residential Trust and Colony American Homes combined to create the new REIT, hitting the NYSE yesterday under the SFR ticker.

The combined company owns and manages over 30,000 homes, third behind Blackstone Group's Invitation Homes (50,000) and the coming merger of American Homes 4 Rent and American Residential Properties Inc (47,000).

This merger comes on the heels of last month’s prediction by Keefe Brunette & Woods analysts that more mergers would be structured on an NAV-for-NAV basis similar to the SWAY-CAH deal.

Moelis & Co and Sidley Austin repped SWAY in the merger. CAH was advised by Morgan Stanley and Skadden, Arps, Slate, Meagher & Flom. [GS]