American Realty To Pay $2.2B For Commercial REIT CapLease

Law360, New York (May 28, 2013, 2:29 PM EDT) -- American Realty Capital Properties Inc. has inked a $2.2 billion deal to acquire fellow real estate investment trust CapLease Inc., making ARCP the third-largest net lease U.S. REIT, the companies announced Tuesday.

ARCP will pay CapLease stockholders $8.50 per share of common stock, a 14.8 percent premium to the REIT's Friday close of $7.40 on the New York Stock Exchange. The New York-based commercial net lease REIT will also repay roughly $620 million in CapLease debt and assume an additional $580 million. 

Holders of CapLease preferred...
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