The new REIT is geared to buying real estate assets, primarily single-tenant bank branches and multi-tenant office buildings, from financial institutions.
American Financial is initially buying a portfolio that includes 87 bank branch properties and six office buildings as well as property management, real estate brokerage, leasing and project management services. The company will own and manage these assets under long-term triple net leases, primarily with banks.
Friedman, Billings, Ramsey, says it priced the institutional offering of commonshares for American Financial. The placement, expected to settle Tuesday, consists of an offering of 40.26 million common shares.
Arlington, VA-based Friedman, Billings, Ramsey, the sole placement agent for the transaction, says it has raised $1.71 billion this year, but the American Financial deal is its largest lead-managed equity transaction in 2002.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
