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ARCP acquires Cole for $11.2B
New York -- American Realty Capital Properties has acquired Cole Real Estate Investments for $11.2 billion, creating the world’s largest net lease real estate investment trust, with an enterprise value of $21.5 billion.
ARCP has secured $2.75 billion in fully committed financing from Barclays. The loan is expected to close in the first half of next year.
Updated ARCP pro forma 2014 guidance indicates that adjusted funds from operations will move from $1.13 to $1.19 per share, compared with 2013 guidance of $0.91 to $0.95 per share. -
Von Maur enters Alabama
Davenport, Iowa -- Von Maur Department Store has opened its first store in the state of Alabama, at Riverchase Galleria in Hoover. The 185,000-sq.-ft. store is also one of the company’s largest locations to date.
"After opening our first Southeastern location two years ago, we couldn't be more excited to continue building on our success in the region with the addition of our first Alabama location at Riverchase Galleria," said Jim von Maur, president of Von Maur."