CIM Real Estate Finance Trust to merge with CCIT II, CCIT III and Cole Credit Property Trust V in a $1.9bn deal.

CIM Real Estate Finance Trust, a real estate investment trust company, agreed to merge with CCIT II, CCIT III and Cole Credit Property Trust V, three smaller REITS, a $1.9bn deal. Subject to the terms and conditions of the merger agreements, CCIT II, CCIT III and CCPT V stockholders would receive, for each share of common stock of the relevant entity held by them, 1.501,1.093 and 2.691 shares, respectively, of CMFT common stock, which is valued at approximately $10.97 per CCIT II share, $7.99 per CCIT III share and $19.67 per CCPT V share, based on CMFT’s most recently estimated net asset value per share of $7.31. "Following the onset of the Covid-19 pandemic and the related economic impact of shutdowns, each of CMFT, CCIT II, CCIT III, and CCPT V undertook comprehensive reviews of their businesses and prospects and concluded that greater scale, tenant diversity, asset type diversity, financial strength and fund raising flexibility would best position each of them to thrive in a post-pandemic economic environment. CIM took immediate action and recommended to the Boards of Directors of each REIT to explore a combination to form a larger, more diversified company focused on long-term value creation," Richard Ressler, CIM Group Principal and Co-Founder.