American Tower Corporation and PGGM Announce Creation of European Joint Venture
October 27 2016 - 6:30AM
Business Wire
American Tower Corporation (NYSE:AMT) and Dutch pension fund
manager PGGM today announced entry into a definitive agreement to
form a joint venture (“ATC Europe”), which will focus on pursuing
telecommunications real estate investment opportunities in select
countries on the continent. At closing, AMT will contribute its
German assets into ATC Europe and PGGM will acquire a 49% interest
in ATC Europe. American Tower will retain operational control and
day-to-day oversight of ATC Europe.
“We are pleased to be able to enter into this partnership with
PGGM,” said James D. Taiclet, Jr., American Tower’s Chairman,
President and Chief Executive Officer. “We believe that the
combination of PGGM’s long-term investment philosophy and extensive
knowledge of the European landscape with American Tower’s proven
track record of investing in and operating telecommunications real
estate assets will establish a compelling platform for future
investment opportunities. Further, the transaction supports our
objective to continue to drive double digit total shareholder
return by selectively pursuing growth across Europe, while at the
same time reinvesting the proceeds from this transaction into
higher growth assets around the world by utilizing our disciplined
capital allocation process.”
Commenting on the transaction, PGGM’s Chief Investment Officer
Private Markets, Frank Roeters van Lennep said, “We are proud to
partner with American Tower. Telecommunication real estate assets
provide an essential infrastructure to support the mobile
communication ecosystem. As a long-term investor in the
infrastructure asset class, we are keen on investing in the
European real economy, targeting stable long-term returns for the
participants of the pension funds for whom we invest. The joint
venture with American Tower provides PGGM with a unique opportunity
to join forces with a global market leader in the sector and to
benefit from their extensive experience.”
Bank of America Merrill Lynch is acting as financial advisor to
American Tower. The transaction is subject to customary closing
conditions and is expected to close before the end of 2016.
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of over 144,000
communications sites. For more information about American Tower,
please visit www.americantower.com.
About PGGM
PGGM is a cooperative Dutch pension fund service provider.
Institutional clients are offered: asset management, pension fund
management, policy advice and management support. On June 30, 2016,
PGGM had EUR 200.2 billion in assets under management. Either alone
or together with strategic partners, PGGM develops future solutions
by linking together pension, care, housing and work.
www.pggm.nl
Cautionary Language Regarding Forward-Looking
Statements
This press release contains statements about future events and
expectations, or “forward-looking statements,” all of which are
inherently uncertain. We have based those forward looking
statements on management’s current expectations and assumptions and
not on historical facts. Examples of these statements include, but
are not limited to, statements regarding the proposed closing
of the transaction described above and the future investment
activities of the joint venture. These forward-looking statements
involve a number of risks and uncertainties. For important factors
that may cause actual results to differ materially from those
indicated in our forward-looking statements, we refer you to the
information contained in Item 1A of American Tower’s Form 10-K
for the year ended December 31, 2015 under the caption “Risk
Factors” and in other filings it makes with the Securities and
Exchange Commission. We undertake no obligation to update the
information contained in this press release to reflect subsequently
occurring events or circumstances.
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version on businesswire.com: http://www.businesswire.com/news/home/20161027005485/en/
American Tower CorporationInvestor Relations:Leah Stearns,
617-375-7500Senior Vice President, Treasurer and Investor
RelationsorPGGMCorporate Communications:Maurice Wilbrink, +31 30
277 1500Maurice.wilbrink@pggm.nl
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