GlobeSt.com UPDATE: Capital Automotive REIT Shareholders Approve $3B Merger

MCLEAN, VA-Three months after having revealed its plan to be acquired by a group of investors operating under the advisement of real estate investment management services provider DRA Advisors LLC of New York City, Capital Automotive REIT’s common shareholders have given their stamp of approval. The DRA-advised investors involved in the merger include Flag Fund V LLC of Delaware, Flag Fund subsidiary CA Acquisition REIT and CALP Merger LP. For previous coverage, click here .

The pending transaction, valued at $3.4 billion, calls for Flag Funds to merge into Capital Auto while leaving the locally based automotive retail real estate finance firm as the sole surviving REIT. Flag Fund will take over ownership of Capital Auto’s common shares–which will be purchased in cash amounts of $38.75 each–and assume an existing debt, and series A and series B cumulative redeemable preferred shares.