Arnold & Porter Advises RCA Special Committee on Proposed $1.4B Merger with AFIN to Create Major REIT
WASHINGTON, DC, September 8, 2016 -- Arnold & Porter LLP advised a special committee of the board of directors of American Realty Capital - Retail Centers of America, Inc. ("RCA") on its recent definitive merger agreement with American Finance Trust, Inc. ("AFIN"). The deal valued at $1.4B will create a diversified US real estate investment trust ("REIT") with a retail focus that owns 494 properties, comprising 20.8 million rentable square feet of single-tenant net lease, power center, and lifestyle center assets.
The special committee, which consists of the board's independent members and was created to evaluate the proposed merger, announced its unanimous approval on September 7. Arnold & Porter's legal team for RCA included Kevin Lavin, Joshua Berick, Theresa Nguyen, and Meir Lax for corporate; Cynthia Mann, Joel Deuth, and Josh Scala for tax; and Kenneth Schwartz, Stella Edosomwan, and John Jacobsen for real estate.