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VEREIT Selling Cole Capital to CIM Group Affiliate for Up to $200M
Phoenix-based VEREIT, Inc. is selling Cole Capital, VEREIT’s investment management business, to an affiliate of Los Angeles-based CIM Group for up to $200 million. Cole counts more than $7.6 billion in assets under management and manages five public non-listed real estate investment trusts.
CIM’s Richard Ressler says, “CIM is acquiring expertise and what we believe are best-in-class performing funds in the net/finance lease sector.”
Cole Capital’s net/finance lease products will continue to be marketed under the Cole brand, and CIM’s Urban Real Asset products will continue to be marketed under the CIM brand. The transaction is expected to close by Q1 2018.
The strategic transaction enables VEREIT to simplify its business model and focus on its real estate operating business. CIM is acquiring a retail distribution organization serving Independent Broker-Dealers and Registered Investment Advisors, which will complement CIM’s existing relationships with institutional investors and wirehouse distribution channels.
For comments, questions or concerns, please contact Dennis Kaiser
*Pictured Cole Office & Industrial REIT’s Keurig world headquarters in Burlington, MA via SMMA
- ◦Sale/Acquisition
