American Realty Capital Global Trust Acquires Wickes Warehouse in United
NEW YORK, May 7, 2013
NEW YORK, May 7, 2013 /PRNewswire/ --American Realty Capital Global Trust,
Inc. ("ARC Global") announced today that on May 3, 2013 it acquired a Wickes
Building Supplies retail warehouse in the U.K. The property was purchased for
a base purchase price of $6.1 million, representing a capitalization rate of
8.5% (calculated by dividing annualized rental income on a straight-line basis
by base purchase price). The triple-net lease to which the property is
subject had a remaining primary term of 11.4 years at acquisition; it is
further subject to upward only rent adjustments marked to market every five
years. The acquisition was funded with proceeds from ARC Global's initial
public offering and a loan from Santander.
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The retail warehouse is leased to Wickes Building Supplies Limited., a home
improvement store, which has an implied investment grade credit rating as
determined by a major credit rating agency. Wickes Building Supplies Limited
operates a chain of 224 do-it-yourself stores in the U.K. and is a subsidiary
of Travis Perkins plc (LSE: TPK), the largest supplier of building materials
in the U.K. Travis Perkins plc has 24,000 employees and a market
capitalization of £3.53 billion.
"We are pleased to announce the acquisition of a Wickes Building Supplies
retail warehouse at a cap rate of 8.5%. This asset purchase further
exemplifies our ability to identify quality properties leased to strong credit
tenants on a long term basis, generating superior risk-adjusted yields. With
our partner, Moor Park, we have assembled a robust pipeline of European and
U.S. opportunities that fit our company's investment strategy," stated
Nicholas S. Schorsch, Chairman and Chief Executive Officer of ARC Global.
ARC Global currently owns two properties purchased for $8.6 million. The two
properties, which are located in the U.K., are 100% leased and comprise 38,773
rentable square feet.
About American Realty Capital
Founded in 2006, American Realty Capital ("ARC") is a full-service investment
management firm providing advisory services to retail and institutional
investors. ARC is an active sponsor and manager of public and private real
estate investments, a business development company and other investment
products. Collectively, ARC's senior team of seasoned professionals has
acquired and managed over $8 billion of real estate, as well as $5 billion of
corporate sale-leasebacks and net leased properties.
About Moor Park Capital Partners LLP
Moor Park Capital Partners LLP ("Moor Park"), founded in 2006, is a UK limited
liability partnership and is regulated by the FSA. Headquartered in London,
Moor Park is a private real estate firm which concentrates on commercial
property investment in Europe and has approximately £2.7 billion of real
estate assets currently under management. Moor Park provides a wide range of
services to its clients, including, among others, acquisition, development,
asset, property and facility management, leasing services, centralized
corporate support services and financing services. The partners of Moor Park
are Gary Wilder, Shemeel Khan and Jagdeep Kapoor, and together have 60 years
plus experience structuring and executing in excess of £20 billion of real
estate transactions over their careers internationally.
ARC Global is a publicly registered, non-traded real estate investment program
that intends to qualify as a real estate investment trust for the taxable year
ending December 31, 2013. Additional information about ARC Global can be found
on its website at www.arcglobaltrust.com.
The statements in this press release that are not historical facts may be
forward-looking statements. These forward-looking statements involve risks and
uncertainties that could cause the outcome to be materially different. In
addition, words such as "anticipate," "believe," "expect" and "intend"
indicate a forward-looking statement, although not all forward-looking
statements include these words.
SOURCE American Realty Capital Global Trust, Inc.
Contact: Anthony J. DeFazio, Diccicco Battista Communications,
email@example.com, 484-342-3600; or Brian S. Block, EVP & CFO, American
Realty Capital Global Trust, Inc., firstname.lastname@example.org, 212-415-6500
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