The portfolio includes seven owned properties and 14 others for which American Financial will assume Citibank's leasehold interest. The closing is expected to take place later this month.
Nicholas S. Schorsch, American Financial's CEO, says the transaction will enhance his firm's west coast holdings and adds, "this illustrates how we can help banks better manage their real estate portfolios by facilitating strategic dispositions of their surplus assets."
American Financial went public on June 30 this year, and the net proceeds from the IPO were about $740 million. Based on "expressions of interest" following the IPO, Schorsch says, "we believe that we are well positioned to continue to execute as anticipated on our business model to acquire properties leased to financial institutions."
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