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Captec REIT Puts Itself Up for Sale

ANN ARBOR, MI- The trust's board is not happy with stock performance, says CFO. Captec's announcement caps a busy week for consolidation in the retail REIT sector following Rodamco's acquisition of Urban Shopping Centers and CBL Properties acquisition of Richard E. Jacobs Group's retail properties.

By Robert Carr | Updated on September 29, 2000

ANN ARBOR, MI-The board of directors for Captec Net Lease Realty Inc. REIT of Ann Arbor has decided to sell the company due to poor stock performance. The move marks another round in a busy week for consolidation in the retail REIT sector.

Earlier this week, Dutch-owned Rodamco North America agreed to pay $3.4 billion to acquire Urban Shopping Centers of Chicago, which possesses such trophy properties as Chicago’s Water Tower Place and Copley Place in Boston. Also, CBL Associates Properties Inc. announced its intention to acquire the shopping center assets of Richards E. Jacobs Group in a deal valued at $1.225 billion.

The $48-a-share price for Urban Shopping Center’s shareholders provides a 39% premium, significantly more than what Captec can probably expect because it is such a tiny REIT, with only a $109 million market capitalization. Captec’s shares were marginally higher yesterday at $11.50 in thin trading. Ross Martin, chief financial officer of Captec, say he will not comment on what type of premium might be acceptable to the trust’s board.

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