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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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