American Realty's CCIT to be sold to Select Income REIT

|By:, SA News Editor

Cole Corporate Income Trust (CCIT) is managed by Cole Capital, ARCP's private capital management business. It's being sold to Select Income REIT (NYSE:SIR) in a deal valuing the enterprise at about $3.1B.

The deal is expected to close early next year and should generate AFFO for ARCP of about $0.02 per share through incentive and disposition fees.