American Realty Capital Properties is buying another real estate investment trust, this one for $3.1 billion, Bloomberg News reported.
The REIT has purchased American Realty Capital Trust IV, a non-listed REIT under the same management company, in a deal that offers investors 2.05 of its own shares or $30 in cash per share.
The stock offer is worth about $31 per share, the publication said.
American Realty Capital Properties has been on an acquisition kick in recent months. The commercial property investor bought 447 properties mostly used by fast food restaurants from GE Capital for $774 million, as previously reported. It closed its $2.2 billion deal to buy CapLease in May.
As reported yesterday, SL Green has agreed to sell off a 347,000-square-foot, fully leased office property at 333 West 34th Street for $220.3 million to a unit of American Realty Capital. [Bloomberg News] – Mark Maurer