A New York City-basedadvisor has acquired Capital Automotive REIT for $3.4 billion. Mclean, Va.-based Capital Automotive, which leases space to auto-related businesses, accepted the buyout offer from DRA Advosors LLC.
Under the terms of the, Capital Automotive shareholders will receive a cash payment of $38.75 per common share. The $3.4 billion offer represents a 9% premium over Capital Automotive’s closing price last Friday.
“We strongly believe that this transaction provides substantial value to our shareholders and is in their best interests,” said Thomas Eckert, chief executive officer of Capital Automotive.
Capital Automotive owns 345 properties located in 32 states. Their portfolio consists of 15.1 million sq. ft. of space.