Sept 7 (Reuters) - Pacific Investment Management Company (PIMCO) will buy Columbia Property Trust Inc for $2.2 billion, the latter said on Tuesday, as the investment management firm looks to snap up office properties whose valuations have suffered due to people working from home.
PIMCO will buy Real Estate Investment Trust Columbia Property for $19.30 per share in cash, a premium of about 16.6% from the stock's Friday close. Including debt, the deal is valued at $3.9 billion.
"We continue to believe that high-quality office buildings in major U.S. cities offer long-term value for our clients," PIMCO Global Head of Private Commercial Real Estate John Murray said.
Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc advised PIMCO on the transaction, which is expected to close as early as the year-end
Shares of Columbia were up 19.5% in premarket trade. (Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi)
