Sunday, August 18, 2013

Spirit, Cole REITS complete $7.4 billion merger

Spirit Realty Capital and Cole Credit Property Trust II have completed their $7.4 billion merger.

The combination of the Phoenix firms will create one of the largest publicly traded real-estate investment trusts operating in the net-lease sector.

Net-lease REITs own free-standing buildings occupied by single tenants, including retailers, restaurants and office tenants.

Together, Spirit Realty and Cole Credit will own 1,900 properties in 48 states, making it one of the largest net-lease REITs in the country. The two companies’ merger was approved at a shareholder meeting on June 12.

The combined entity will go by Spirit Realty Capital and will list its common shares on the New York Stock Exchange under the existing ticker symbol “SRC” beginning today.

Read more...Spirit, Cole REITS complete $7.4 billion merger

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