By John P. O’Donnell and David R. HickeyPublished July 19, 2018 09:00:00The Biggest loser in a crown property deal is the crown corporation that owns Malachite Properties.
Crown Properties acquired the majority stake in Malachites in 2015 for $1.3 billion.
But Malachities assets have gone through a slew of mergers and acquisitions.
In December, the crown announced that the company would merge with a different private equity firm.
It’s unclear if Malachios assets will be affected.
Malachites has also been hit by a number of other deals.
The Crown bought out Malachitos shares in 2015, and then the Crown bought another $500 million worth of shares from the company.
Last month, the Crown took over a majority stake of a local real estate company, which is now owned by the crown.
But Crown Properties shares are down 7% so far this year.
Cushman & Frierson said the acquisition of Malachitic properties is the largest in the history of the company, and it’s the largest single-family sale it has ever made.
“Our acquisition of the Malachiting assets is one of the largest ever undertaken by Crown Properties and represents a significant investment in Crown Properties’ portfolio of real estate properties,” said Cushman.
“This acquisition represents the crown’s most significant expansion to date in the Malichites portfolio, and represents an expansion that will benefit Crown Properties shareholders as well as its partners and customers.”
The crown corporation is the entity that oversees the crown properties and manages the crown property portfolio.
For Malachis shares, the company has been using the Crown as a revolving loan fund.
That means Crown has the right to sell Malachits shares.
Cushmans shares are up 27% in 2017 so far, and are up 4% this year, according to data compiled by Bloomberg.
Blackstone Group, a private equity company that was a major investor in Malahites, bought out its stake in the company in 2016.
“Malachities shares are being sold as a cash payment and the proceeds will be reinvested in the Crown’s portfolio of Crown properties,” Blackstone said in a statement to the Securities and Exchange Commission.
There are a number Crown Properties subsidiaries that are part of Blackstone Group.
Among those are the Malahite Property Development Company, which manages Malachie properties; and the Crown Development Group, which owns and manages Crown properties in Malachi, N.C. Malachie Properties is one property management company with two properties that have been in the hands of the crown since the 1980s, according an article published by Bloomberg in November.