Real estate money manager Slate Asset Management has agreed to acquire the commercial real estate business of real estate investment trust Annaly Capital Management in a $2.3 billion deal.
The acquisition is expected to close by the third quarter, according to news releases Thursday from both firms. It includes a portfolio of debt securities, real estate equity positions and performing real estate loans.
Timothy Gallagher, head of commercial real estate, and Michael Quinn, head of commercial investments, are among the Annaly Capital employees who will join Slate when the deal closes by the middle of 2021. A spokesman for Annaly Capital would not provide further information on the total number of employees joining Slate.
The deal will include $400 million in U.S. grocery-anchored assets, which will be purchased by Slate Grocery REIT.
The transaction is subject to customary closing conditions, including regulatory approvals.
Slate Asset Management has about $6.5 billion in assets under management.
A Slate Asset Management spokesman could not immediately provide further information.
