NEW YORK, June 12, 2014 /PRNewswire/ -- American
Realty Capital Properties, Inc. (NASDAQ: ARCP) ("ARCP" or the
"Company") announced today the execution of a purchase and sale
agreement to sell its multi-tenant shopping center portfolio for
$1.975 billion in cash to a joint
venture between affiliates of Blackstone Real Estate Partners VII
("Blackstone") and DDR Corp. (NYSE: DDR). The sale is expected to
close by late third quarter 2014, subject to customary closing
conditions.
David S. Kay, President of ARCP,
noted, "This sale will allow us to accretively recycle the capital
from our multi-tenant business into Red Lobster and our single
tenant, self-originated acquisition strategy. By retaining full
optionality as we prepared to spin off our multi-tenant portfolio,
we were able to identify this transaction, which will allow us to
deliver attractive value to our shareholders and further clarify
our single-tenant, net lease investment strategy. We will continue
to have one of the strongest and most diverse portfolios in the
industry and build upon our deliberate and focused strategy by
solidly executing on our granular acquisitions."
About the Company
ARCP is a self-managed publicly
traded Maryland corporation listed
on The NASDAQ Global Select Market, focused on acquiring and owning
single tenant freestanding commercial properties subject to net
leases with high credit quality tenants. Additional information
about ARCP can be found on its website at www.arcpreit.com. ARCP
may disseminate important information regarding it and its
operations, including financial information, through social media
platforms such as Twitter, Facebook and LinkedIn.
Forward-Looking Statements
Information set forth
herein (including information included or incorporated by reference
herein) may contain "forward‑looking statements" (as defined in
Section 21E of the Securities Exchange Act of 1934, as amended),
which reflect ARCP's expectations regarding future events. The
forward-looking statements involve a number of risks, uncertainties
and other factors that could cause actual results to differ
materially from those contained in the forward-looking statements.
Such forward-looking statements include, but are not limited to,
the Company's plans, market and other expectations, objectives,
intentions and other statements that are not historical facts,
including the potential sale of its multi-tenant shopping center
business. Additional factors that may affect future results are
contained in ARCP's filings with the SEC, which are available at
the SEC's website at www.sec.gov. ARCP disclaims any obligation to
update and revise statements contained in these materials based on
new information or otherwise.
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SOURCE American Realty Capital Properties, Inc.