Newton, Mass. • Select Income REIT will spend about $2.7 billion in cash and stock to buy Cole Corporate Income Trust in a deal that adds 64 office and industrial properties to the real estate investment trust's portfolio.
The transaction will give Select Income strategic distribution centers for companies like Amazon.com and headquarters locations for companies including Tesoro Corp. and Noble Energy Inc.
Select Income said Tuesday the acquisition will expand its United States footprint from 21 to 35 states, including Utah, where it owns two offices buildings at 4885 N. 300 West in Provo.
The combined company will have more than 43 million square feet of real estate. The acquisition totals about $3 billion, counting the assumption of mortgage debt.