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CIM REIT Will Divest Shopping Center Portfolio to AFIN for $1.3B
CIM Real Estate Finance Trust, Inc. (CMFT) has entered into an agreement to sell all of its shopping centers to American Finance Trust, Inc. (AFIN) for approximately $1.3 billion. Upon close of the acquisition, AFIN will change its name and be rebranded as “The Necessity Retail REIT Where America Shops.”
At CIM Group, which manages CMFT, co-founder Richard Ressler said, “This transaction represents a key milestone as CMFT sharpens its focus on its core business as a credit REIT that invests principally in senior secured loans and credit leases.” AFIN CEO Michael Weil added, “We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms.”
Aside from two single-tenant properties, the 81-asset portfolio AFIN is acquiring is comprised of multi-tenant power, anchored and grocery centers. Separately, AFIN said Monday it had agreed to divest three office properties leased to Sanofi S.A. for $261 million.
- ◦Sale/Acquisition
