Spirit MTA REIT received shareholder approval for the sale of substantially all of the single-tenant net-lease real estate investment trust's assets to Hospitality Properties Trust.
The $2.4 billion all-cash deal includes the sale of three travel center properties owned by a subsidiary of the REIT's external manager Spirit Realty Capital Inc., which will receive gross proceeds of about $260 million upon deal closing. The deal is slated to close Sept 20.
Spirit MTA shareholders also approved the REIT's voluntary liquidation plan. The approval of the asset sales and the liquidation plan marks the last step in the resolution of Spirit MTA's accelerated strategic plan, Spirit Realty said.
Spirit MTA also said it recovered all remaining amounts due under the Shopko B-1 term loan provided by Spirit Realty in January 2018 to Shopko Stores Operating Co. LLC.
