Despite the recent glut of negative news surrounding Nick Schorsch and the companies he helped create, his teams continue to work in the interest of their investors.
Announced this morning, American Realty Capital Global Trust, Inc. (ARC Global), a non-traded REIT, has engaged Barclays Capital Inc. and RCS Capital as advisors to evaluate potential strategic alternatives that could deliver liquidity to its investors.
The REIT closed its initial public offering of common stock at the end of June 2014 after raising $1.7 billion in equity. It has since deployed all remaining capital and now boasts of portfolio of properties spanning five countries; the U.S and four European nations.
“We are excited to announce the completion of our deployment activities, marking another key milestone following the close of our initial public offering mid-last year, and further demonstrating our Investor First philosophy. Our execution to date is a testament to the strength and talent of the entire ARC Global team and the valued support of our European partner, Moor Park Capital Partners,” commented Scott Bowman, Chief Executive Officer of ARC Global.
In Europe the REIT owns 52 properties encompassing 5.7 million square feet with a remaining lease term of 12.8 years. In the U.S., ARC Global owns 255 properties with 10.6 million square feet of rentable space and a remaining lease term of 10.4 years.
Purchased for approximately $2.4 billion, all 307 properties are 100% leased.
“Given improving global market conditions and a favorable interest rate environment, we believe that now is the appropriate time to evaluate the Company’s strategic alternatives. With the appointment of financial advisors, Barclays, a firm with significant international reach, as well as RCS Capital, a firm expert in M&A as it effects non-traded REITs, we stand well positioned and well advised to deliver maximum value over the long-term for our shareholders as we embark on the next phase of our program’s lifecycle,” added Bowman.