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Change In Ownership for $3.1 Billion Net Leased Portfolio?

Cole Credit Property Trust II Discloses Pending 'Liquidity Event' for 753-Property Portfolio
December 12, 2012
Cole Credit Property Trust II Inc. temporarily suspended both its distribution reinvestment plan and its share redemption program - a move that may herald a potential “liquidity event,” the non-traded REIT reported in a regulatory filing.

As used in such filings, the term “liquidity event” typically refers to a purchase of a corporation or all of its assets or an initial public offering.

As of Sept. 30, 2012, Cole Credit Property Trust II owned 753 properties comprising 21.2 million rentable square feet of single- and multi-tenant retail and commercial space in 45 states and the U.S. Virgin Islands. The rentable space at these properties was 96% leased.

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Since its initial share offering in May 2007, the company has raised $2.3 billion from stock sales. The company’s stock is not currently listed on a national securities exchange. In the past, Cole has said it may seek to list its common stock with a public exchange.

In addition, Cole Credit Property Trust II has made no secret this year that it is actively exploring other potential disposition options for its portfolio.

The company said it believes that recent activity in the market has increased the level of interest in larger, high-quality, credit net lease portfolios. It hired Morgan Stanley and UBS Investment Bank to explore a possible sale.

Numerous potential bidders have requested and received comprehensive portfolio information under confidentiality agreements. The company has been allowing bidders to bid on the entire portfolio, or on one or more of the three major property types.

“Cole Real Estate Investments and the board of directors of CCPT II remain steadfastly committed to the best interests of our investing shareholders,” said Marc Nemer, president and CEO of Cole Real Estate Investments. “The actions taken by the board of directors of CCPT II, a majority of whose members are independent, are designed to provide fair and equal treatment to all shareholders and can be considered industry best practices in anticipation of a liquidity event. We look forward to future announcements from CCPT II in the near future.”

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