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AFR JV Closes on $317M Citizens Portfolio

JENKINTOWN, PA-The partnership completes its acquisition of 236 of the 241 bank branches it agreed to buy in a sale-leaseback with Citizens Financial Group.

By Marita Thomas | Updated on July 19, 2006

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

JENKINTOWN, PA-The newly formed joint venture between locally based American Financial Realty Trust and Dillon Read Capital Management LLC has completed the acquisition of 236 bank branches from two subsidiaries of Citizens Financial Group for approximately $317 million. The properties have an aggregate of about 969,000 sf and are located in 11 Northeastern and Midwestern states.

The close of an additional five branches in the Citizens’ portfolio was delayed pending the receipt of third-party consents. The acquisition of some or all of those locations is anticipated within 90 days, according to an AFR statement, and will take the overall price tag to an expected $323 million.

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