The Arizona Republic
American Realty Capital made a $5.74 billion cash-and-stock bid for Cole Credit Property Trust III on Wednesday in a deal that would create one of the biggest publicly traded real-estate-investment trusts.
New York-based American Realty Capital said that it had not heard back from the Arizona real-estate-investment fund about an earlier buyout offer.
American Realty said it hopes that constructive talks can be held and that Cole Credit Property Trust III will contact it promptly. But American Realty said that it is “prepared to consider all alternatives to complete this transaction.”
Earlier this month, Cole Credit Property Trust III, based in Scottsdale, announced that it was acquiring external adviser Cole Holdings Corp. for $20 million in cash and approximately $10.7 million in stock.
American Realty says its offer, which it values at $9 billion including debt, is a better deal for Cole and that it would create the biggest publicly traded REIT in the net lease sector.
If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
