The properties consist of 72 bank branches and 15 office buildings with aggregate space of approximately 1.1 million sf. Sonya A. Huffman, SVP of operations at American Financial, declined to identify specific locations to GlobeSt.com, but said all are in the Southeastern US and are not spread across all of the 11 Eastern states, from FL to CT, in which Wachovia operates.
With the acquisition, American Financial has restructured the original sale-leaseback arrangement. This will allow Wachovia to continue to occupy 23 locations through 2023 and 51 locations through 2010 under a bond net lease at undisclosed terms. The remaining 13 properties are subleased to other financial institutions through 2010.
A predecessor, American Financial Resource Group, formed the American Financial REIT in September 2002 specifically to focus on the acquisition of properties occupied by financial institutions. In a private offering at that time, the REIT raised $400 million.
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