JBG Plans To Sell A Dozen Assets In The Next Year
Before its merger with New York REIT fell through, The JBG Cos had already begun putting assets on the market, including the Georgetown office building above, and last week managing partner Matt Kelly told Bisnow he plans to continue that strategy.
The details of these plans are beginning to emerge, as JBG looks to sell more than a dozen properties to bring in $300M to $500M in equity over the next six months to a year, the Washington Business Journal reports.
In a letter to investors, JBG called the merger's collapse a "clear failure," but noted that it made up for the costs of pursuing the merger with a $9.5M termination fee from New York REIT.
The letter also echoed what Matt told Bisnow last week, that JBG is not currently pursuing other options to go public. JBG will continue raising money with its JBG Fund IX, which it suspended during the merger discussions. [WBJ]
