PMC Commercial Trust announced a definitive merger agreement with CIM Urban REIT and subsidiaries of the respective parties.
CIM Urban REIT is a private commercial REIT with commercial real estate assets located throughout the U.S.
The merger was unanimously approved by both PMC Commercial and CIM Urban REIT members.
Pursuant to the merger, CIM Urban REIT will receive 22 million common shares of PMC Commercial and 65 million preferred shares of the company, resulting in the issuance of 477.2 million shares.
"This transaction offers an efficient program to provide our institutional partners with liquidity over time while maintaining their ability to hold their investment and continue to benefit from expected quarterly dividends and capital appreciation from the portfolio of exceptionally attractive properties assembled by CIM Urban REIT over the last eight years," said Richard Ressler, co-founder and principal of CIM Group.