BOSTON & ZEIST, Netherlands -- (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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161027005485/en/
Contacts:
American Tower Corporation
Investor Relations:
Leah Stearns,
617-375-7500
Senior Vice President, Treasurer and Investor Relations
or
PGGM
Corporate
Communications:
Maurice Wilbrink, +31 30 277 1500
Maurice.wilbrink@pggm.nl
Source: American Tower Corporation
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