Slate to acquire Annaly Capital’s commercial real estate business

Real estate money manager Slate Asset Management has agreed to take over the commercial real estate business of real estate investment trust Annaly Capital Management, valued at $ 2.3 billion.

According to press releases from both companies on Thursday, the acquisition is expected to be completed in the third quarter. It includes a portfolio of debt securities, real estate stock positions and real estate loan execution.

Timothy Gallagher, Head of Commercial Real Estate, and Michael Quinn, Head of Commercial Investments are among Annaly Capital’s employees who will join Slate when the deal closes in mid-2021. An Annaly Capital spokesperson would not provide further information on the total number of employees joining Slate.

The deal will include $ 400 million in food anchored assets in the US to be purchased by Slate Grocery REIT.

The transaction is subject to customary closing conditions, including regulatory approvals.

Slate Asset Management has approximately $ 6.5 billion in assets under management.

A spokesperson for Slate Asset Management was unable to provide further information immediately.