Merger Property Tax Question: Private Equity Fund -> Private UPREIT
Hey WSO-
My firm has 4 older funds (fully discretionary, private equity real estate funds). We're looking to move all assets from these 4 funds into one singular UPREIT entity. Since this is a merger, and the ownership percentages of each asset will change, we're trying to determine if this will trigger property tax reassessments in California. The magnitude of these reassessments will materially effect the overall yield of our REIT.
Can anyone name a firm that has done an internal transaction like this before (specifically with CA assets in their portfolio)? Can anyone name a specific attorney or law group that has seen this transaction before?
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