Spirit Realty Capital Inc., a net lease real estate investment trust, will spin off some of its real estate assets into a separate publicly traded REIT worth $2.7B in gross property investments.
:quality(75))
The new REIT, called SpinCo, will include more than 100 properties leased by Shopko, a big-box retail concept with more than 300 stores across the U.S. The REIT will also include properties from Spirit Realty’s Master Trust 2014. SpinCo will focus on high-quality assets and is anticipated to have more than 925 properties under its belt and $220M in annualized contractual rent upon commencement.
Once the transaction is complete, CoStar reports Spirit Realty will own more than 1,540 properties across the U.S. and will have a gross real estate investment of $5.4B.
The transaction is expected to close within the first half of 2018.
)
)
)
)
)
)
)
)
)
)
){kind=logo}
)