Reported about 4 hours ago
Rithm Capital has announced its agreement to acquire real estate investment trust Paramount Group for $1.6 billion, betting on a rebound in the office sector. Priced at $6.60 per share, the acquisition reflects a 10.7% discount to Paramount's recent stock price. As the U.S. office market faces challenges from rising interest rates and remote work, Rithm aims to enhance its commercial real estate and asset management platform with this deal, which is pending shareholder approval and is expected to finalize by the end of the fourth quarter.
Source: YAHOO