Two net lease real estate investment trusts, American Realty Capital Properties Inc. and Cole Real Estate Investments Inc., made their merger official Thursday when shareholders gave their approval.
The deal was engineered by REIT czar Nicholas Schorsch, chief executive of real estate firm American Realty Capital, who first pursed the Cole REIT in March but was initially rebuffed. It then listed in June on the New York Stock Exchange, and he renewed his efforts to merge the two.
In October, American Realty Capital Properties said that it had acquired rival Cole Real Estate Investments in a deal valued at $11.2 billion. The offer had two parts: $7.2 billion in stock or cash and $4 billion in assumed debt.
The company will create the largest net lease REIT with an enterprise value of $21.5 billion.