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 Michael Miller and COO Eric Clarke.

“The cannabis industry continues to grow at an incredible rate, COVID-19 notwithstanding, driving demand for well-located cannabis industrial and retail assets,” said Subversive REIT’s CEO Richard Acosta. “Our compelling investment thesis was validated by our ability to strategically deploy real estate capital with some of the strongest and most well-known operators in the space. Jim Greeley, Harry Rimalower and the VGC team have been instrumental to our success. We partnered with VGC from the outset to execute our business plan because of their proven track record of efficient, business-minded performance.”

The VGC team was led by Partner James L. Greeley and Counsel Harry Rimalower, with the benefit of the substantial complex transactional experience of Senior Counsel Donovan Burke, support from Of Counsel Israel Alfonso, the assistance of Ashley Hammond and Gladys Kuo, and the expertise of VGC Litigation Partner, Alex Safyan. Paul Hastings LLP acted as real estate co-counsel on all deals, and as lead US securities counsel, with Goodmans LLP acting as securities and corporate counsel in Canada.


VGC breaks the typical law firm mold by offering a team of sophisticated, business-oriented, practical attorneys with extensive in-house and major law firm experience to provide results-driven legal counsel to clients of all sizes across a wide range of industries.

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Gladys Kuo
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