| Strategic M&A and consolidation among REITs are set toaccelerate in ’11, says Skadden dealmaker extraordinaire Ken Wolff, who recently met with Legal Bisnow. His team repped HCP in its $6.1B December acquisition of ManorCare's seniors living facilities. By selling all its property and entering into a long-term leaseback, HCP added a significant revenue stream. (At an initial NNN rent of $472.5M, it’s the largest commercial lease ever in the US, and a groundbreaking transaction for the REIT industry, given the lease size and scope, he says.) Ken expects to see this modelreplicated frequently in the new year as REITs, particularly those with similar financing structures and maturing CMBS loans, seek toreduce debt and monetize real estate assets, while retaining revenues from operations. |
| Every year, Ken and his lawyer turned i-banker wife take their son, 8, and daughter, 5, on a family trip around Memorial Day. Last year, the saltwater fly fisherman hooked a 115 lb tarpon at Cheeca Lodge in the Keys. But his favorite fly game is the elusive grey ghost of the flats: the bonefish. This pic is from an outing two years ago inAndros Island. Ken says to nab one of these undersized but tough fighters, you need a carefully planned strategy, expert casting skill, and a keen eye for distant ripples. Despite the uphill battle, he wrangled more than a dozen. With the help of Skadden's M&A department, those bonefish are merging later this week to become askeleton fish. |
Wolff in the Midst
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