CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust, completed the sale of 151 single-tenant net lease properties for approximately $779 million to Realty Income Corporation (NYSE: O).
As The DI Wire previously reported, CIM entered into a purchase and sale agreement with Realty Income in December 2022 for a total 185 single-tenant net lease properties for approximately $894 million.
CIM says it anticipates the sale of the remaining properties to close during the second quarter of 2023.
The company noted that after the total repayment and defeasance of approximately $369.4 million of debt and $4.2 million of transaction costs, CIM Realty Finance Trust will redeploy the net sale proceeds into investments in senior secured loans and credit leases, which it says is consistent with its core business strategy as a credit-focused real estate investment trust.
In December 2021, CIM Real Estate Finance Trust also completed its merger with affiliated non-traded REIT, CIM Income NAV Inc., in a stock-for-stock merger transaction.
CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014.
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