trending Market Intelligence /marketintelligence/en/news-insights/trending/u8rZj9LbIVJov5s09qSmbA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

VEREIT closes $138M office JV with Arch Street Capital client

Credit Analytics Case Study Poundworld Retail Ltd


IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform

Real Estate

Real Estate Solutions Overview

VEREIT closes $138M office JV with Arch Street Capital client

VEREIT Inc. finalized an 80/20 joint venture with an institutional client of real estate investment adviser Arch Street Capital Advisors LLC that will hold three office assets worth about $137.5 million.

The properties included in the venture are owned by the single-tenant real estate investment trust and span 582,000 square feet across three U.S. states. Two of the assets worth $87.7 million were added to the venture at closing, while the third property will be contributed during the first quarter.

The REIT said the partnership enables it to lower balance-sheet office exposure and use its in-house infrastructure to manage and boost the value of the business.

On the transactions front, VEREIT CEO Glenn Rufrano said the REIT has closed on about $90.0 million of acquisitions thus far in 2020, while portfolio sales have been minimal. The company's industrial partnership and office partnership also expect to wrap up on a roughly $250.0 million property and a $33.0 million asset, respectively, in early 2020, the executive said.

During the fourth quarter of 2019, VEREIT made $166.2 million of acquisitions and $225.5 million of portfolio sales.

It raised $86.7 million in gross proceeds under its at-the-market equity offering program by issuing 9.0 million shares.

VEREIT also noted that its settlements with the SEC pertaining to the class-action and derivative action brought against the REIT received preliminary court approval, with a hearing to review final approval scheduled for Jan. 21. The REIT said the Dec. 31, 2019, deadline to file objections to the class-action or derivative action settlements passed with no objections.

Eastdil Secured LLC represented VEREIT in the joint venture transaction.