Market Overview

American Realty to Spin-Off $2.2B Multi-Tenant Shopping Center Business

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American Realty (NASDAQ: ARCP) earlier announced plans to spin off the company's multi-tenant shopping center business.

The new publicly traded real estate investment trust will be named American Realty Capital Centers and will valued at more than $2.2 billion. The spin-off will own 69 shopping centers initially.

Nicholas Schorsch will be the chairman of the new REIT and said the spin-off should “create more clarity, more efficiency and more opportunity for our stockholders.”

Shares of American Realty are up 5 percent to $15.77 in pre-market trading.

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