Schorsch Brings Cole Capital Under RCAP Umbrella

Schorsch Brings Cole Capital Under RCAP Umbrella

Nicholas Schorsch's RCS Capital (RCAP) announced it will buy Cole Capital from sister company American Realty Capital Properties for $700 million, so Cole can use the company’s wholesale broker/dealer and expand RCAP’s distribution platform. ARCP will act as sub-advisor to Cole’s non-traded net lease REITs. RCAP's stock was up 7 percent as of 12:30 p.m. eastern time on the news. 

In October 2013, American Realty Capital and Cole Real Estate Investments agreed to merge in a $11.2 billion deal. Under the terms of the deal, Cole became a wholly owned subsidiary of ARCP.

RCAP will pay $200 million in cash, $300 million in seller debt and $200 million in common stock for Cole. The firm expects the deal to add $0.51 a share to 2015 adjusted net income.

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