American Realty Capital Global Trust II Terminates $100 Million Credit Facility
American Realty Capital Global Trust II Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, terminated its $100 million credit facility with Barclays Bank, which acted as administrative agent, sole bookrunner, sole lead arranger and initial lender under the facility.
American Realty Capital Global Trust II, which entered into the credit agreement with Barclays in January 2015, indicated that “the termination of the credit agreement provides…greater flexibility with its investment strategy, while releasing approximately $20 million of cash previously pledged to the facility and unencumbering two U.S. assets.” The company said that it is seeking lower-cost local secured financing with longer maturities.
American Realty Capital Global Trust II focuses on single tenant net leased commercial real estate properties, investing 50 percent of its capital in the U.S. and 50 percent in Europe. The REIT broke escrow in October 2014, and since September 30, 2015, has raised $281.7 million in investor equity, including proceeds from its distribution reinvestment program.
The board terminated the offering in December 2015 following a series of scandals surrounding its sponsor and Realty Capital Securities, its dealer manager, which led to the termination of all AR Capital-sponsored investment programs and an agreement by RCS to terminate its business.
