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Necessity Retail REIT Completes First Tranche of $1.3B Portfolio Deal
The REIT formerly known as American Finance Trust, Inc. has completed the acquisition of 44 open-air shopping centers for $547 million. It’s the first tranche from the previously announced definitive agreement to acquire 79 power, anchored and grocery centers and two single-tenant properties from CIM Real Estate Finance Trust, Inc. for $1.3 billion.
The company expects to acquire the remaining properties by March 31. At that time, the REIT—which began trading Tuesday under the name The Necessity Retail REIT, Inc. and stock ticker RTL—will have a portfolio comprising more than 1,000 properties and 29 million square feet.
“Together with the previously announced disposition of three office buildings leased to Sanofi, which we sold in January at a 6.38% cash capitalization rate, we are well on our way to being the leading REIT that is focused on assets leased to necessity-retail tenants,” said RTL CEO Michael Weil.
- ◦Sale/Acquisition
