American Finance Trust is set to acquire a portfolio of 81 multi-tenant power anchored and grocery centers in a deal with CIM Real Estate Finance Trust for $1.3 billion.
AFT also simultaneously announced it had entered into a definitive agreement to dispose of a non-core portfolio of three office buildings leased to Sanofi S.A. for $261 million. Both deals are expected to close during the first quarter of 2022.
"This immediately accretive off-market transaction represents a unique value creation opportunity. We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms," said Michael Weil, CEO of AFIN.
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