Oligarchs, Billionaires, Money, Money, Money

How a REIT king lost his empire

 

crainsnewyork.com – Bruce Kelly, InvestmentNews.com

It was late October 2013 and Nicholas Schorsch was riding high. After a bruising campaign to acquire Cole Real Estate Investments, he had won his prize.

The acquisition of Cole capped one of the most aggressive and feverish buying binges in retail real estate history. In just two years, one of the firms he headed, American Realty Capital Properties Inc., had made at least five major acquisitions, costing $8.8 billion in total.

Cole, which Mr. Schorsch had pursued relentlessly for 10 months, would cost the company another $11.2 billion.

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