Thomas Properties issues $50 million of Common Stock in private placement to funds affiliated with Madison International Realty
Clients Thomas Properties Group, Inc.
Jones Day represented Thomas Properties Group, Inc., a full-service real estate company that owns, acquires, develops and manages primarily office properties, as well as mixed-use and residential properties, on a nationwide basis, in connection with its issuance of $50 million of Common Stock in a private placement to funds affiliated with Madison International Realty, a real-estate-focused private equity firm. The private placement was priced at $5.75 per share, a significant premium over the closing price of Thomas Properties' shares on the NASDAQ stock market on the day the transaction was announced. In connection with the sale of shares, the investors also entered into a stockholders' agreement with the company and James A. Thomas, the company's chairman of the board and chief executive officer, and certain stockholders affiliated with Mr. Thomas providing for certain lock-up, standstill, preemptive rights and voting agreements. Madison International Realty will also be entitled to name one director to the company's board of directors.