Vereit agreed to sell its subsidiary, Cole Capital to CIM Group for $200m.

Vereit Inc., a full-service real estate operating company, and CIM Group, an integrated, full-service real assets investment manager, today announced the signing of a purchase agreement for the sale of Cole Capital, VEREIT's investment management business, to an affiliate of CIM Group (together with CIM Group, "CIM"). Currently, Cole has more than $7.6 billion in assets under management and manages five public non-listed real estate investment trusts: Cole Credit Property Trust IV, Inc., Cole Credit Property Trust V, Inc., Cole Real Estate Income Strategy (Daily NAV), Inc., Cole Office & Industrial REIT (CCIT II), Inc., and Cole Office & Industrial REIT (CCIT III), Inc. In connection with the transaction, VEREIT may receive up to $200 million, comprised of $120 million cash paid at closing under the purchase agreement and up to $80 million in fees to be paid under a six-year services agreement based on Cole's future revenues.