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November 3, 2020
Three CIM Group REITs Plan to Close Mergers Without CCIT II
Asset Manager News | CIM Group | Industrial | Merger | Office
CIM Real Estate Finance Trust Inc., Cole Office & Industrial REIT (CCIT III) Inc. and Cole Credit Property Trust V Inc. are taking the necessary measures to close their separate stock-for-stock merger deals entered into in August

S&P Global Market Intelligence |

CIM Real Estate Finance Trust Inc., Cole Office & Industrial REIT (CCIT III) Inc. and Cole Credit Property Trust V Inc. are taking the necessary measures to close their separate stock-for-stock merger deals entered into in August after the go-shop period in the mergers elapsed.

Cole Office & Industrial REIT (CCIT II) Inc., which was also a party to the August deals, recently terminated the agreement and accepted a superior proposal from Griffin Capital Essential Asset REIT Inc.

Also, CIM Real Estate Finance recently raised its bid for Cole Credit Property Trust V to reflect an exchange ratio of 2.892x, up from 2.691x.

The merger deals are expected to close in the fourth quarter, subject to customary closing conditions.

Cole Office & Industrial REIT (CCIT III) and Cole Credit Property Trust V stockholders are scheduled to meet December 17 to vote on the respective mergers at special meetings.

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