CIM Real Estate Finance Trust forms $6b REIT

CIM Real Estate Finance Trust (CMFT) has entered into a definitive merger agreement to acquire CIM Income NAV (INAV) in a stock-for-stock, tax-free merger transaction. CMFT and INAV are nontraded REITs managed by affiliates of CIM Group (CIM).

The pro forma combined company (CC CMFT) would have approximately $6 billion in total enterprise value, creating a leading commercial credit-focused REIT with greater tenant, industry, and asset-type diversity; financial strength; and improved access to capital markets. This transaction is expected to close in the fourth quarter of 2021, subject to certain closing conditions, including INAV stockholder approval.

The merger agreement was negotiated on behalf of CMFT and INAV by their special committees composed exclusively of disinterested independent directors. Each special committee recommended approval of the merger agreement to its respective board of directors. Each respective board of directors subsequently unanimously appro