More M&A for Non-Traded REITs

SAN DIEGO-“Liquidity is our mandate; we are not long-term asset managers.” So said Nick Schorsch, president and CEO of American Realty Capital Properties, during the “Liquidity in Non-Traded REITs: Insights from Industry Leaders” panel at the REISA (Real Estate Investment Securities Association) Spring Symposium here this week.

Schorsch added, “Our job is to find the best path and execute on it.” He also had something to say about mergers and acquisitions, a subject of which he has had firsthand knowledge recently due to his firm’s recent attempts to acquire Cole III, a non-traded REIT run by Cole Real Estate Investment. “M&A is a part of business,” said Schorsch. “Had the deal [for Cole III] gone through, it would have been the most lucrative liquidity event in the history of the non-traded REIT industry.”