Shearman & Sterling represented Citibank, N.A., as joint lead arranger and administrative agent, in providing $1 billion in financing commitments for the announced $3 billion acquisition by Select Income REIT (NYSE: SIR) of Cole Corporate Income Trust (CCIT) through a merger transaction. UBS Securities LLC will act as a joint lead arranger in the financing.
Cole Corporate is a public, non-listed REIT. Cole invests in net leased “necessity corporate” properties, which include distribution facilities, warehouses, manufacturing plant and corporate and regional headquarters buildings. Select Income is a NYSE-listed REIT that primarily owns and invests in properties that are net leased to single tenants. Select is externally managed by Reit Management & Research LLC.
The merger transaction is expected to close in the first quarter of 2015.
