CIM Group to Expand With Purchase of Cole Capital

VEREIT may receive up to $200 million, comprised of $120 million cash at closing and as much as $80 million in fees to be paid under a six-year service agreement based on Cole’s future revenues.
When commercial real estate veteran Glenn Rufrano took over as CEO of American Realty Capital Properties Inc., now VEREIT Inc., in April 2015, one of his priorities in turning around the net-lease leader was restoring the brand value of its investment management arm, Cole Capital. The company had just been shaken by an accounting scandal…

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