Maguire Properties, the California-based REIT, has delayed first round bids another two weeks, a source close to the situation told dealReporter. Bids are now expected to be due either the last week of February or the first week of March, said the source.
In mid-December, Maguire embarked on a sales process after Maguire Properties founder Robert Maguire III announced plans to make a fully financed bid with the Qatar Investment Authority (QIA) and Colony Capital. A second source close to the situations said Robert Maguire had retained Lehman Brothers as an advisor.
Two separate strategic firms were said to be interested in Maguire Properties, with both understood to be searching for an equity partner to help finance the deal, the second source said, adding that one of the strategic bidders was represented by Goldman Sachs and the other was represented by Credit Suisse.
As previously reported by this news service, a shareholder said he had heard Tishman Speyer and Wells Real Estate Funds were teaming up on a joint bid. The shareholder had previously said this is what had caused a delay in January; however, the two sources interviewed for this story said they had not been told of the specific reason for this additional delay.