AFFILIATE OF CIM GROUP ACQUIRES COLE CAPITAL® FROM VEREIT®
Los Angeles, February 1, 2018 —CIM Group, a vertically-integrated owner and operator of real assets for its own account and on behalf of its partners and co-investors, today announced that an affiliate of CIM Group (together with CIM Group, “CIM”) has acquired Cole Capital (“Cole”) from VEREIT, Inc. (NYSE:VER). In connection with the acquisition, Cole Capital Corporation, Cole’s broker-dealer subsidiary, has been renamed “CCO Capital, LLC”.
Currently, Cole operates five public non-listed real estate investment trusts (the “Cole REITs®”): Cole Credit Property Trust IV, Inc., Cole Credit Property Trust V, Inc., Cole Real Estate Income Strategy (Daily NAV), Inc., Cole Office & Industrial REIT (CCIT II), Inc., and Cole Office & Industrial REIT (CCIT III), Inc. The Cole REITs together have more than $7.6 billion in real estate assets.
The strategic transaction enables CIM to acquire one of the market-leading retail distribution organizations serving Independent Broker-Dealers and Registered Investment Advisors, which will complement CIM’s existing relationships with institutional investors and wirehouse distribution channels.
“CIM is acquiring expertise and taking over operations for what we believe are best-in-class performing real estate funds in the net-lease sector,” said Richard Ressler, CIM Co-Founder and Principal. “We believe that adding net-lease assets is complementary to CIM’s urban real asset platforms and will benefit all of our stakeholders. We welcome the Cole team to CIM.”
“Cole’s distribution team, including sales, national accounts, shareholder relations, compliance, and marketing, have joined CIM, and CIM’s entrepreneurial and collaborative culture will support the needs of our business,” said Bill Miller, President and CEO of CCO Capital, LLC. “The structure and operations of the Cole REITs should continue without disruption.”
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S.-based retail and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com.