Government Properties Income Trust and Select Income REIT Announce Agreement to Merge

24.09.2018 | Press Release

Boston, MA, September 24, 2018 – The firm is representing Government Properties Income Trust (Nasdaq:GOV) with respect to its definitive merger agreement with Select Income REIT (Nasdaq:SIR), pursuant to which SIR will merge with and into GOV, with GOV surviving the merger under a new name, Office Properties Income Trust (Nasdaq:OPI), a REIT that is focused on owning, operating and leasing office buildings primarily leased to single tenants and high credit quality tenants like government entities. OPI will continue to be managed by a subsidiary of The RMR Group Inc. (Nasdaq:RMR), and is expected to have increased scale, enhanced diversification and a broader investment strategy.

As part of the merger transactions, the firm will also represent GOV in its sale to the public of its 27.8% ownership interest in SIR, and with respect to the distribution by SIR to SIR’s shareholders of its 69.2% ownership interest in Industrial Logistics Properties Trust (Nasdaq: ILPT), a REIT that is focused on owning warehouse distribution and e-commerce fulfillment facilities throughout the United States and which was spun off from SIR earlier this year. The transaction is expected to be completed in late 2018 or early 2019, subject to GOV and SIR shareholder approval and other conditions. The negotiation and execution of the merger agreement and related documents were made possible by countless contributions from a number of members of S&W’s corporate, tax and real estate departments, as well as our first year associates, and there is still significant work to be done.

About ZAG-S&W
ZAG-S&W (Zysman, Aharoni, Gayer & Co.) is an international law firm with offices in Israel, the United States, China, and the United Kingdom. The firm’s attorneys specialize in all disciplines of commercial law for both publicly held and private companies, with particular expertise in high-tech, life sciences, international transactions, and capital markets. ZAG-S&W provides result-driven legal and business advice to its clients, addressing all aspects of the clients’ business activities, including penetration into new markets in strategic locations. In recent years, the firm has acted on a majority of the equity and debt financing transactions by Israeli technology companies on the NASDAQ. It has been the firm’s experience that the best results, those that give our clients the competitive advantage they need, are attained by coupling professional experience, global presence, and connections with the investor communities in Israel and abroad.

Adva Herrmann

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