New York

American Realty Capital New York Recovery REIT engages financial advisors

American Realty Capital New York Recovery REIT has engaged Barclays Capital and RCS Capital as financial advisors to assist in evaluating strategic alternatives following the successful closing of its USD1.5bn IPO.

In consultation with Barclays and RCS Capital, the company's board of directors has determined that it is in the best interest of the company to pursue a listing on a national stock exchange.
 
Accordingly, the company intends to file an application to list its common stock on the New York Stock Exchange under the symbol "NYRT" and anticipates that its common stock will be listed on such exchange during the second quarter 2014. Concurrent with its listing on the New York Stock Exchange, the company intends to change its name to New York REIT, Inc.
 
The company also received USD240 million of additional commitments to its financing facility: USD100 million of commitments from each of Barclays Bank PLC and RBS Citizens and USD40 million of commitments from SunTrust Bank. This amount increases the company's aggregate borrowings available under its credit facility to USD630 million, subject to the satisfaction of certain conditions.
 
Michael Happel, executive vice president and chief investment officer of the company, says: "We've built a high quality New York City portfolio acquired at an attractive time in the real estate cycle. In addition, we have a pristine balance sheet and active acquisition pipeline that positions us well for future growth. In our view, the public markets will be very receptive to our pure play strategy focused on New York City, one of the world's premier real estate markets."

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