January 15, 2021

VGC, LLP Represents First Ever SPAC Vehicle to Convert Into Public REIT With Over $200M in Transactions

VGC, LLP (“VGC”) represented Subversive Real Estate Acquisition REIT LP (“Subversive REIT”) in the recently announced negotiation of over US$200 million in real estate deals, including $182.8 million comprising a qualifying transaction composed of 15 cannabis industrial cultivation, manufacturing, processing and retail properties in nine states, including California, Ohio, Florida, Nevada, Washington, Arizona, Maryland, Michigan and Pennsylvania, and an additional US$17.9 million in acquisitions to follow immediately following the qualifying transaction. The transactions include the acquisition of approximately US$115.3 million in real estate assets and the origination of approximately US$85.4 million in first-lien mortgages collectively, the first-ever instance of the popular SPAC vehicle converting into a public REIT.

VGC believes Subversive REIT will become the leading real estate capital provider for prominent cannabis operators that own or are seeking industrial and retail real estate in high growth markets in the United States. Subversive is led by CEO Richard Acosta, CFO

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