Camden Property Trust acquired Oasis Residential, Inc. for All-stock merger; transaction value not separately disclosed. Each Oasis common share converted into 0.759 of a Camden common share and each Oasis Cumulative Convertible Series A Preferred share converted into one comparable Camden Series A preferred share. Camden issued 12,391,796 common shares and 4,165,000 Cumulative Convertible Series A Preferred shares to former Oasis holders. Oasis reported total assets of about $846.5 million at December 31, 1997., a transaction completed in April 1998, structured as Stock-for-stock merger. Oasis Residential, Inc. merged with and into Camden Subsidiary II, Inc., a wholly owned Delaware subsidiary of Camden, with Oasis common shares exchanged at a 0.759 ratio for Camden common shares and Oasis Series A preferred exchanged one-for-one for a comparable Camden preferred share.. The deal was a Merger.
Oasis Residential, Inc. operates in Multifamily apartments (Western U.S.), is based in Las Vegas, Nevada, USA (markets: Las Vegas, Denver and Southern California). Camden acquired Oasis Residential, a Las Vegas-based multifamily REIT that operated and developed apartment communities in Las Vegas, Denver and Southern California, in an all-stock merger. As of December 31, 1997 Oasis owned interests in 52 completed multifamily properties plus one under construction, giving Camden an established Western U.S. footprint.
The merger expanded Camden geographically into fast-growing Western markets and added Oasis's apartment operating and development platform under Camden's REIT structure through a tax-efficient share exchange.
Oasis brought a ready-made Western U.S. apartment platform - 52 completed communities plus one under construction - in growth markets where Camden had limited presence, acquired through a tax-efficient all-stock exchange. Oasis merged into Camden Subsidiary II, Inc.; Scott S. Ingraham, formerly Oasis's President, CEO and a director, became a Trust Manager of Camden following the merger. Before the end of the second quarter of 1998, Camden spun off approximately 5,000 Las Vegas apartment units into a new private entity in which Camden retained a minority interest and continued to provide property-management services.
Advisory firms were not disclosed for this transaction.