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Article: Colonial Properties Trust Closes Merger with Cornerstone Realty Income Trust, Inc.
- Article from:
- PR Newswire
- Article date:
- April 1, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BIRMINGHAM, Ala., April 1 /PRNewswire-FirstCall/ -- Colonial Properties Trust ("Colonial Properties"), a real estate investment trust (REIT) that owns a diversified portfolio of multifamily, office and retail properties, announced the completion of the merger by Cornerstone Realty Income Trust, Inc. ("Cornerstone") with and into a wholly-owed subsidiary of Colonial Properties. The merger became effective at 2:00 p.m. E.S.T. this afternoon. The combined company now owns and manages approximately 50,000 multifamily units, making it one of the largest public owners of Sunbelt multifamily properties.
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