American Finance Trust CEO Michael Weil Weil cited “critical scale” when the merger of AFIN and RCA was announced this past September.

NEW YORK CITY—The $1.5-billion merger of two non-traded REITs that formerly were part of the American Realty Capital lineup closed Friday, as American Finance Trust Inc. joined forces with American Realty Capital—Retail Centers of America Inc. The stock-and-cash merger, which was approved earlier his week by shareholders of both companies, creates a retail-focused REIT that owns 494 properties totaling 20.8 million square feet, comprised of single-tenant net lease, power center and lifestyle center assets, with an enterprise value of approximately $3.9 billion.