X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANN ARBOR, MI-Captec Net Lease Realty Inc., an Ann Arbor-based REIT that invests in long-term net leased restaurant and retail properties, has started mailing its definitive proxy materials to all Captec stockholders to approve its proposed merger with Commercial Net Lease Realty, Inc. (CNLR). The proposed merger requires the approval of a majority of the outstanding shares of Captec common stock.

Captec stockholders of record as of October 9, 2001 will be entitled to vote at a Special Meeting of Stockholders, which has been scheduled for 10 a.m. Nov. 19. The meeting will be held at the Ritz-Carlton Hotel in Dearborn, MI. Captec also mailed a letter, together with the definitive proxy materials, to all Captec stockholders explaining the merger.

CNLR will acquire all of Captec’s outstanding shares for a combination of cash and stock with an aggregate value of approximately $124 million, based on a value of $13.05 per share of Captec common stock, at the time the agreement was executed. The stock portion is expected to be tax-free to Captec stockholders and the transaction is expected to be completed during the fourth quarter of 2001.

As a result of this merger, CNLR will have an enhanced portfolio of more than 377 properties in 40 states. After the merger, CNLR will have total gross leaseable area of approximately seven million sf, approximately seven times Captec’s current total gross leaseable area. CNLR’s diversified tenant base will become even more diverse with 96 tenants in 27 different retail lines of trade.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.