The new REIT is geared to buying real estate assets, primarily single-tenant bank branches and multi-tenant office buildings, from financial institutions.
American Financial is initially buying a portfolio that includes 87 bank branch properties and six office buildings as well as property management, real estate brokerage, leasing and project management services. The company will own and manage these assets under long-term triple net leases, primarily with banks.
Friedman, Billings, Ramsey, says it priced the institutional offering of commonshares for American Financial. The placement, expected to settle Tuesday, consists of an offering of 40.26 million common shares.
Arlington, VA-based Friedman, Billings, Ramsey, the sole placement agent for the transaction, says it has raised $1.71 billion this year, but the American Financial deal is its largest lead-managed equity transaction in 2002.
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