American Realty Capital Properties will purchase Cole Real Estate Investments for $11.2 billion, the two real estate investment trusts announced on Wednesday.
The transaction creates a net-lease REIT with an enterprise value of $21.5 billion, making American Realty Capital Properties the largest publicly traded REIT.
A news release announcing the deal said it should be completed in the first half of 2014.
According to Bloomberg, the largest pension fund shareholder in American Realty Capital is the $171.9 billion California State Teachers' Retirement System, West Sacramento, with 268,407 shares. The largest pension fund shareholder in Cole Real Estate is the $23.4 billion Alaska Retirement Management Board, Juneau, with 267,000 shares.