CIM Group Affiliate Completes Purchase of Cole Capital From VEREIT for $120 Million Cash Paid at ClosingFebruary 1, 2018
S&C represents CIM Group in connection with its affiliate's agreement with VEREIT, Inc. to purchase Cole Capital, VEREIT's investment management business, for $120 million cash paid at closing. In addition, VEREIT is entitled to earn up to $80 million in fees to be paid under the services agreement based on Cole's future revenues.
The S&C team advising CIM Group was led by Patrick Brown, along with Edward Xia and Ravi Mahesh. Andrew Mason, Isaac Wheeler and Jonathan Rhein advised on tax matters; Mark Schenkel and Matthew Rosenberg advised on intellectual property matters; Rebecca Coccaro, Kristen Klein and Precious Nwankwo advised on executive compensation and benefits matters; Jeffrey Hochberg, Dana Brodsky and Andrew Motten advised on ERISA matters; Frederick Wertheim and Tracey Russell advised on regulatory matters; Daniel Loeser advised on financing matters; and Adam Paris and Eric Queen advised on antitrust matters.