One of the largest-ever mergers of real estate investment trusts, engineered by industry czar Nicholas Schorsch, has been completed.
American Realty Capital Properties Inc.'s acquisition of Cole Real Estate Investments Inc., which closed Friday, creates the largest REIT of its kind.
Shareholders approved the deal last month.
Mr. Schorsch, chief executive of real estate firm American Realty Capital, 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.
The combined investment company is the largest publicly traded net lease REIT with an enterprise value of $21.5 billion.
The net-lease REIT buys commercial real estate, and collects rent and other fees from tenants.