Four Springs Capital Trust, a REIT that invests in single-tenant net lease real estate, announced that funds managed by Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, have acquired $40 million of Series E Preferred Shares of Four Springs.
As part of the transaction, the company’s board of trustees will be increased from seven to eight members, and Greg Kranias of Guggenheim Investments will join the company’s board. In addition, Matt Settle of Guggenheim Investments will be designated as an observer to the Company’s Board.
Proceeds from the $40 million convertible preferred share issuance to Guggenheim will be used by Four Springs for: (i) the acquisition of additional net lease properties in the Company’s pipeline; (ii) repayment of a portion of the Company’s debt under its credit facility led by KeyBank N.A.; and (iii) working capital and other general corporate purposes.
