Morrison & Foerster advised Carter Validus Mission Critical REIT II, Inc., (the Company) on the definitive agreement it has entered into to purchase all assets from its external advisor necessary for the operation of the Company’s business, providing for the internalization of external management functions. The total consideration for the internalization transaction will be paid in cash and consists of approximately $40 million payable over an approximately two-year period.
Based in Tampa, Florida, the Company is a public non-traded real estate investment trust that owns and manages healthcare properties and data centers across the country. It expects the internalization transaction to aid in cost savings and the continuity of management, as well as the further alignment of interests with the Company. The Company also intends to change its name to Sila Realty Trust, Inc., immediately following the closing of the internalization transaction and will be organized in a way that it believes is preferable to equity analysts and institutional investors should its board of directors determine.
The MoFo deal team was led out of Washington, D.C., by corporate partner and REIT Group co-chair David Slotkin with associates Mary Katherine Rawls and Fred Muna.
Read the related press release.