American Realty to Spin Off $2.2 Billion Shopping Mall Unit
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American Realty Capital Properties Inc. plans to spin off most of its multitenant shopping-center business into a publicly traded real estate investment trust valued at more than $2.2 billion.
The REIT will be known as American Realty Capital Centers and will initially own 69 shopping centers, the New York-based company said today in a statement. American Realty Capital Properties will own 25 percent of the new company.