“(Reuters) – Real estate investment trust American Realty Capital Properties Inc said it offered to buy unlisted Cole Credit Property Trust III Inc for $5.7 billion in cash and stock to create the largest publicly traded REIT in the net lease sector.
The offer is valued at more than $9 billion including debt, American Realty Capital said in a statement on Wednesday.
Net lease is an agreement where the tenant pays property taxes, building insurance and maintenance in addition to rent. Such properties are usually rented out for commercial purposes to retailers, supermarkets and restaurants.
American Realty Capital asked the trust to call off its planned acquisition of its external adviser, Cole Holdings Corp, saying its offer would provide immediate liquidity to Cole Credit shareholders.
American Realty Capital said it had earlier expressed interest in the company but was surprised not to have received any response….”Twitter