Shareholders in ARCP, Cole Okay Merger

NEW YORK CITY-The creation of a $21-billion net lease REIT came a step closer to reality Thursday after shareholders in American Realty Capital Properties Inc. and Cole Real Estate Investments Inc. approved the merger of the two companies. Following the voting, which closed at 5 p.m. Wednesday New York time, ARCP and Cole expect to close the merger promptly, subject to customary closing conditions.

Nicholas Schorsch, chairman and CEO of ARCP, says the impending merger will create the world’s largest net lease REIT, “benefitting from a best-in-class property portfolio, an experienced management team and a strong, flexible balance sheet.” Thanks to the two companies’ “disciplined” investment philosophy, he adds, “we are positioned to provide durable income to our stockholders through growth in property rents and asset appreciation. We are also excited to welcome the Cole management team and their employees to the ARCP family.”