Cole Office & Industrial REIT (CCIT II) and Griffin Capital Essential Asset REIT Complete Merger
March 1, 2021 | James Sprow | Blue Vault
On March 1, 2021, pursuant to the Agreement and Plan of Merger, dated as of October 29, 2020, Cole Office & Industrial REIT (CCIT II), Inc. merged into Griffin Capital Essential Asset REIT, Inc. At the effective time of the Merger, each issued and outstanding share of Cole Office & Industrial REIT (CCIT II) Class A and Class T common stock was converted into the right to receive 1.392 shares of Griffin Capital Essential Asset REIT Class E common stock, subject to the treatment of fractional shares in accordance with the Merger Agreement.
As a result of the Merger, Cole Office & Industrial REIT (CCIT II) has terminated any and all offerings of its securities.
According to a press release issued by Griffin Capital Essential Asset REIT, Inc.:
“Griffin Capital Essential Asset REIT, Inc. (“GCEAR” or the “Company”) announced the completion of its previously announced merger with Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”), whereby GCEAR acquired CCIT II in a stock-for-stock transaction.”
“The transaction combines two high-quality portfolios of corporate office and industrial properties with long-term, net leases to creditworthy tenants. The GCEAR portfolio now consists of 123 properties across 26 states and has a total asset value of $5.8 billion.”
“We are excited to welcome the CCIT II stockholders to GCEAR,” said Michael J. Escalante, Chief Executive Officer and President of GCEAR. “Joining our two highly-complementary portfolios materially enhances the scale and diversification of the combined enterprise while reducing overall operating costs. As a result, we believe we are well-positioned to capitalize on future value-enhancing opportunities for both groups of stockholders.”
Source: SEC
