American Finance Trust through its operating partnership, completed the initial acquisition of 44 open-air shopping centers for a total of $547 million.
The closing is the first tranche of acquisitions from the previously announced definitive agreement to acquire a portfolio of 79 power, anchored and grocery centers and two single-tenant properties from certain subsidiaries of CIM Real Estate Finance Trust for $1.3 billion.
The company expects to acquire the remaining properties in the transaction by the end of the first quarter, 2022. Upon completing the transaction, the company will be the preeminent REIT focused on necessity-based retail with a best-in-class portfolio that will comprise over 1,000 properties, 29 million square feet and $382 million in pro-forma annualized straight-line rent.
Earlier this month the American Finance Trust’s name changed to The Necessity Retail REIT (RTL).
“Today’s acquisition of 44 open-air shopping centers featuri
