Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



American Realty to Close on CapLease Acquisition Early

Net-lease property REIT American Realty Capital Properties  (NYSE: VER  ) says that with Capital Lease Funding (UNKNOWN: LSE.DL  ) announcing the expiration of its 40-day "go shop" period and no other buyers being found, it plans to buy its rival sooner than originally intended.

American Realty announced in May its intention to buy the rival REIT for $2.2 billion, including $580 million in assumed debt that it will repay, which it said would make it the third-largest net-lease property REIT in the U.S. based on market capitalization.

CapLease had a 40-day window of opportunity to find another buyer, called the "go-shop" period, and it said it approached 44 potential bidders, and no bids were submitted. As a result, CapLease will submit the acquisition by American Realty to its shareholders and has filed with the SEC a preliminary proxy statement to that effect.

Stating that 2013 has been a "transformative" year for the REIT and that it intends to close on the purchase of CapLease as soon as possible in the third quarter, American Realty Capital Partners Chairman and CEO Nicholas S. Schorsch said in a statement, "With the recent success demonstrated by our $774 million acquisition of a high-quality portfolio from GE Capital, we have closed over $1.14 billion of portfolio acquisitions year to date."

Once the deal is consummated, American Capital expects to have an enterprise value in excess of $10 billion by the end of 2013.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2526210, ~/Articles/ArticleHandler.aspx, 9/29/2016 3:04:08 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,207.59 -131.65 -0.72%
S&P 500 2,158.50 -12.87 -0.59%
NASD 5,286.44 -32.11 -0.60%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

12/31/1969 7:00 PM
LSE.DL $0.00 Down +0.00 +0.00%
CapLease CAPS Rating: No stars
VER $10.33 Down -0.04 -0.39%
VEREIT CAPS Rating: ****