American Realty Capital Properties and its $2.2B acquisition target CapLease are working with outside PR counsel on the merger to create the third largest U.S. real estate investment trust.
Maryland-incorporated ARCP, which is replying on DDCworks for communications counsel, plans to pay $8.50 per share for CapLease's outstanding stock, assume $580M of its $1.2B debt and repay the balance under terms of the deal announced May 28. Tony DeFazio, senior VP whose boutique PR shop was acquired by DDC in December, handles ARCP for the Conshohocken, Pa.-based firm, which has a handful of REIT clients.
New York-based CapLease, which trades on the New York Stock Exchange, is leaning on ICR for PR and IR support regarding the deal. ICR senior managing director Brad Cohen reps CapLease.
The combined REIT will own 800 properties for lease to commercial and retail tenants.
CapLease faces a $15M breakup fee if it turns to another acquisition proposal .
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