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Carter Validus Mission Critical REIT II Closes Merger With CVREIT
Tampa-based REIT Carter Validus Mission Critical REIT II has completed the merger with Carter Validus Mission Critical REIT, or CVREIT, in a cash and stock transaction. Following the merger, the Company is now comprised of 150 healthcare and data center properties, encompassing approximately 8.7 million square feet across 33 states. The portfolio represents around $3.2 billion in total investments.
Under the terms of the merger, Carter Validus Mission Critical REIT II acquired approximately 179 million outstanding shares of CVREIT common stock, with each CVREIT stockholder receiving $1.00 in cash and 0.4681 shares of the Company’s Class A common stock for each share of CVREIT common stock owned.
“The closing of this transaction represents the beginning of a new and compelling chapter for the Company,” said Michael Seton, CEO of Carter Validus Mission Critical REIT II.
“We believe CVREIT is an excellent complement to our portfolio, bolstering our healthcare investment portfolio and supporting our growth strategy through increased size and scale, as well as further diversification of our existing tenancy and geographic distribution.”
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