Stanley Perla Resigns From Board of AR Capital Global Trust II
American Realty Capital Global Trust II, a publicly registered non-traded investment trust sponsored by AR Capital, announced that Stanley R. Perla resigned from his roles as chair of the audit committee and a member of the board of directors. He did not resign due to any disagreement with the company, according to a filing with the Securities and Exchange Commission.
Simultaneously with Perla’s resignation, the board appointed Lee M. Elman, currently a member of the board’s audit committee, to serve as the audit committee chair. The board determined that Elman qualifies as an “audit committee financial expert” as defined by the SEC.
American Realty Capital Global Trust II invests in single tenant net leased commercial real estate properties, with 50 percent of its capital in the U.S. and 50 percent in Europe. The REIT went effective in August 2014 and raised nearly $300 million since inception, according to the most recent Stanger Market Pulse.
The board terminated the offering following a series of scandals surrounding AR Capital, 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.
