Latham & Watkins advised Merger of Terra Property Trust and Western Asset Mortgage Capital Corporation

Latham & Watkins advised Merger of Terra Property Trust and Western Asset Mortgage Capital Corporation

Terra Property Trust, Inc. (TPT), an externally managed real estate investment trust (REIT) specialising in commercial real estate loans and assets, and Western Asset Mortgage Capital Corporation (WMC), an externally managed REIT focused on real estate-related securities and financial assets, have jointly announced their definitive merger agreement.

The agreement outlines the formation of a new REIT resulting from the combination of TPT and WMC. Following the merger's completion, the newly formed REIT is expected to boast approximately $1.2 billion in assets and $436 million in adjusted book value (prior to transaction expenses).

Latham & Watkins LLP, led by Century City partner Steven Stokdyk, provided legal counsel to JMP Securities, acting as the financial adviser to WMC, in the transaction.