DALLAS, June 8, 2017
/PRNewswire/ -- Regency Centers Corporation (NYSE: REG)
("Regency") engaged RealFoundations ("RF") to provide guidance,
planning, program management and data conversion services in the
enterprise merger of Equity One, Inc. (NYSE: EQY) ("Equity One") with and
into Regency. This merger integration formed a combined
company with a total market capitalization of approximately
$16 billion, resulting in inclusion
into the S&P 500 Index.
The merger further established Regency Centers as the foremost
national shopping center REIT with a high-quality portfolio of 429
properties comprising 59 million square feet of GLA. Including
projects successfully transitioned during the merger, Regency now
has over $500 million in developments
and redevelopments. The effective and efficient integrations of the
companies have already allowed Regency to realize the anticipated
$27 million of G & A synergies.
"We are extremely proud of how our merger integration has
progressed and are very pleased with all the work RealFoundations
has provided", stated Lisa Palmer,
Regency Centers President and CEO. "The combined Regency and RF
teams made extraordinary progress integrating the companies in a
very short period of time. It is hard to imagine us achieving these
timelines without the benefit of RealFoundations."
To manage the fast-paced merger, Regency and RealFoundations
created a program of 24 projects within six work streams, with RF
providing additional project management to help guide the Regency
teams during the integration. The project management, meeting
structures, prioritization methods, and cross-departmental
communication RealFoundations facilitated allowed issues to be
identified early and decisions to be made quickly. "The
collaboration between the Regency and RealFoundations teams was the
key to making our merger integration a success", says Mike Mas, Regency Centers Managing Director of
Finance. "The formalized process RF brought to the table,
supported by the Regency team's prior experience with integrating
real estate companies, allowed our personnel to maintain focus on
key priorities and achieve our planned objectives."
This merger proved to be one of the smoothest company
integrations with which RealFoundations has been involved.
"The leadership from the Regency Executive Team and the
professional dedication from the Regency team was instrumental in
making this merger a success" commented David Srour, Managing Director with
RealFoundations.
Within the Technology Asset Integration work stream,
RealFoundations provided JD Edwards data-migration services to
combine Equity One's system with that of Regency's. In
addition, RF also managed the projects needed to transition the
entire Equity One infrastructure into Regency's existing
platform. "With RF's guidance, the overall merger and, more
specifically, the integration of the two information technology
platforms has gone very smoothly", says Dale Johnston, Regency Centers' SVP & Chief
Information Officer. "We believe this to be the fastest REIT merger
measured from announcement to close since 2011. Under that type of
timeframe, we would not be where we are today without the expertise
and assistance provided by RealFoundations."
About RealFoundations RealFoundations is a professional
services firm focused on the real estate industry. With offices on
four continents, 400+ client-serving professionals and off-shore
delivery capabilities in China and
India, RealFoundations provides
Management Consulting, Managed Services and Energy Solutions to
developers, owners/operators, service providers, institutional
investors and corporate occupiers. From the building itself to the
way it is used, operated and financed, no firm understands the
inner workings of the entire real estate ecosystem as well as
RealFoundations. We Make Real Estate Run Better.
About Regency Centers Corporation Regency is the
preeminent national owner, operator and developer of neighborhood
and community shopping centers. Regency has developed 227 shopping
centers since 2000, representing an investment at completion of
more than $3.5 billion. Operating as
a fully integrated real estate company, Regency is a qualified real
estate investment trust that is self-administered and self-managed,
and a member of the S&P 500 index.
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SOURCE RealFoundations