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VEREIT Trades Cole Capital Platform to CIM

The sale of VEREIT's investment management business “allows us to simplify our core business model and focus on our large, diversified single-tenant real estate portfolio,” says CEO Glenn Rufrano.

By Paul Bubny | Updated on November 14, 2017

VEREIT CEO Glenn Rufrano “We believe we’re well on our way” to re-establishing the Cole Capital brand, Rufrano told GlobeSt.com in May of this year.

PHOENIX—VEREIT Inc. and CIM Group said Monday afternoon they had signed a purchase agreement for an affiliate of CIM Group to acquire Cole Capital, VEREIT’s investment management business. For VEREIT, the sale will represent a streamlining of its business; for Los Angeles-based CIM, it will bring a retail distribution network serving independent broker-dealers and registered investment advisors into the fold.

“The transaction allows us to simplify our core business model and focus on our large, diversified single-tenant real estate portfolio,” says Glenn Rufrano, VEREIT’S CEO. “Cole Capital will have a sponsor in CIM with an institutional foundation and established distribution relationships with wirehouses.”

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