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AFR JV Buys Bank Portfolio for $323M

JENKINTOWN, PA- In partnership with Dillon Read, AFR inks sale-leaseback agreements to buy 241 fully leased Citizens and Charter One bank branches.

By Marita Thomas | Updated on June 26, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

JENKINTOWN, PA-In joint venture with Dillon Read Capital Management, American Financial Realty Trust has agreed to acquire 241 bank branches from two subsidiaries of Citizens Financial Group for approximately $323 million. Under the sale-leaseback agreement, the branches remain fully leased to Citizens Bank and Charter One Bank. Locally based AFR’s property management affiliate will provide day-to-day management of the portfolio.

Through a spokesman, AFR declined to disclose where the assets are located or additional details of the company’s previously announced review of “strategic opportunities.” The spokesman tells GlobeSt.com discussion of the Citizens Financial deal awaits the closing of the transaction, “which will be within the next two weeks.”

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