AFIN - American Finance Trust acquires $1.3B portfolio of 81 Multi-tenant Power Anchored and Grocery Centers

American Finance Trust (AFIN -0.7%) to acquire a portfolio of 81 Multi-tenant Power, Anchored and Grocery Centers from certain subsidiaries of CIM Real Estate Finance Trust for $1.3B. The price represents a 7.19% cash capitalization rate. Company enters into a definitive agreement to dispose of a non-core portfolio of three office buildings leased to Sanofi S.A. for $261M, representing a 6.38% cash capitalization rate and a $10M increase from its original purchase price. Both transactions are expected to close during Q1 2022. Net financial impact of the transactions will be immediately accretive to AFFO per share. Acquisition is expected to be funded through a combination of cash, including the anticipated $261M of proceeds from the sale of its Sanofi office asset, borrowings under the company's credit facility, property level debt the company will seek to assume and $53M of equity issuance to the sellers.

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American Finance Trust acquires $1.3B portfolio of 81 Multi-tenant Power, Anchored and Grocery Centers