Search
 

REIT Headed by Schorsch Plans $1.5B IPO

JENKINTOWN, PA-The former CEO of American Financial Realty Trust now heads American Realty Capital Trust, focused primarily on buying leased retail properties.

By Marita Thomas | Updated on September 11, 2007

(Read more on the debt and equity markets.)

JENKINTOWN, PA-American Realty Capital Trust, a company formed by Nicholas Schorsch, the founder and former CEO of American Financial Realty Trust, has filed for an initial public offering of 150 million shares that could raise up to $1.5 billion before expenses. Referring to the SEC filing and a “quiet phase” following the SEC registration, Schorsch reiterates information in the filing and tells GlobeSt.com ARC will operate as a “non-traded REIT, a public company with full transparency, sold through investment advisories rather than through the stock exchange.”

As GlobeSt.com previously reported, Schorsch left locally based AFR “by mutual agreement” with its board of trustees on Aug. 17, 2006, following a precipitous drop in AFR shares that year that led to a strategic review and his immediate replacement. ARC, also based here, is a joint venture with William Kahane, who left AFR with Schorsch, and New York City-based GF Capital Management & Advisors LLC. It was formed in 2006, and Schorsch says, it “has been buying hundreds of millions in assets over the past year.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.