Subversive Real Estate Acquisition REIT LP (NEO: SVU.U) is announcing a series of acquisitions with a total valuation of $182 million.
According to information provided exclusively to Benzinga, these transactions imply the firm — currently operating as a special-purpose acquisition company (SPAC) — will become an active REIT with a portfolio that includes 15 cannabis retail, industrial cultivation, greenhouse cultivation and manufacturing assets across eight states.
“We are very excited to announce Subversive REIT’s $182 million qualifying transaction to become the second publicly traded cannabis REIT,” CEO Richard Acosta said during a recent call with shareholders.
The other publicly traded cannabis REIT the executive references is Innovative Industrial Properties Inc (NYSE:IIPR).
Having raised $225 million earlier this year, Subversive Real Estate Acquisition REIT still has money to deploy.
Acosta said his team…