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Cole Real Estate Investments Organizes Two IPOs

Cole Real Estate Investments, a sponsor of non-traded REITs, filed two registration statements with the Securities and Exchange Commission: one for Cole Advisor Retail Income REIT and the other for Cole Advisor Corporate Income REIT.

Cole Advisor Retail Income REIT and Cole Advisor Corporate Income REIT are newly organized corporations formed to invest primarily in single-tenant, income producing commercial properties, which are leased to creditworthy tenants under long-term net leases. Cole Advisor Retail Income REIT will focus primarily on necessity retail tenants, while Cole Advisor Corporate Income REIT will focus on mission critical office and industrial properties.

Each of the companies intends to distribute shares principally through registered investment advisors and broker/dealers that charge their clients a fee for their services.

The common shares of each company are expected to be offered on a continuous basis and for an indefinite period of time, subject to regulatory approvals, with an initial offering for each company of up to $3.5 billion.

After an initial escrow period, the purchase price for each company’s stock will vary from day to day and, on any given day, will be equal to that company’s net asset value, or NAV, divided by the number of common shares outstanding for that company, as of the end of business on each day (NAV per share).

The calculation of each company’s NAV will be based principally on the market value of the company’s real estate portfolio, as determined by an independent valuation expert. The offerings are not contingent on each other.

Cole Capital Corp., an affiliate of the sponsor, will be the dealer manager of each offering and will offer the shares of each company on a best efforts basis.

Equity One Increases Credit Facility; Buys Manhattan Retail Condo Equity One Inc. increased its unsecured revolving credit facility from $272 million to $400 million by exercising its accordion feature.

Four new banks joined the existing facility with no modification to the terms and covenants and several of the incumbent banks added to their previous commitment. The company currently has $14 million outstanding on the line which bears interest at a rate of LIBOR plus 1.40%.

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TAGS: News Retail
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