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For $547M, American Financial Picks Up Another 8M SF

JENKINTOWN, PA-A day after announcing its intention to pay Bank of America $546 million for properties totaling 7.5 million sf, the locally based REIT signs a contract to add another 150 properties to its portfolio.

By Marita Thomas | Updated on May 11, 2004

JENKINTOWN, PA-American Financial Realty Trust’s May 6 promise to “increase the size of its portfolio dramatically,” was no understatement. Today it signed a contract to acquire an 8.2-million-sf, 150-property portfolio for $547 million, or about $66.71 per sf.

This follows by one day, the locally based financial REIT’s agreement to buy a 7.5-million-sf, 263-property portfolio from Bank of America for $546 million. The two acquisitions increase the number of properties in American Financial’s portfolio as of May 31, by 88% and the portfolio’s aggregate sf by 86%.

Today’s agreement identifies the seller only as a “major national bank” with an “A” S&P rating. The portfolio composition includes bank branches and both large and small office buildings. The locations are undisclosed.

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