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Announced

Completed

The Necessity Retail REIT completed the acquisition of 81 multi-tenant retail property portfolio from CIM Real Estate for $1.3bn.

Financials

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Transaction Value£1,081m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Single Bidder

Real Estate Holding and Development

Acquisition

United States

Friendly

Domestic

Majority

Real Estate

Private

commercial real estate

Completed

Synopsis

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The Necessity Retail REIT, a real estate investment trust, completed the acquisition of 81 multi-tenant retail property portfolio from CIM Real Estate, a community-focused real estate and infrastructure owner, operator, lender and developer, for $1.3bn. "This immediately accretive off-market transaction represents a unique value creation opportunity. We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms," Michael Weil, The Necessity Retail REIT CEO.

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