Barclays in $2.35 Billion Sale of SMTA Assets

June 2, 2019

Cleary is representing Barclays Capital Inc. as financial advisor to Spirit MTA REIT (SMTA) in connection with SMTA’s disposition of the owned properties held in SMTA’s Master Trust 2014 and certain other properties currently owned by Spirit Realty Capital to Hospitality Properties Trust (HPT).

Under the terms of the equity purchase agreement, HTP will pay $2.35 billion in cash consideration, prior to certain adjustment mechanisms contained in the agreement. The transaction is expected to be a critical step in the full wind-down of SMTA and liquidation of its assets.

The transaction signed on June 2, 2019, and is expected to close in the third quarter of 2019. Closing is subject to the approval of SMTA stockholders and other customary closing conditions.

For more information, please see the press release here.