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

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.