Washington Prime Makes First Major Acquisitions
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Washington Prime Group Inc. (NYSE: WPG) has acquired an interest in several properties. The Simon Property Group Inc. (NYSE: SPG) spinoff has invested more than $180 million for stakes in properties in Indiana, Florida, Connecticut and Virginia.
June 16, 2014
News Release
Bethesda, Maryland — Washington Prime Group (NYSE: WPG) announced today that it has entered into a definitive agreement to acquire its partner's 50 percent interest in Clay Terrace, a 577,000 square foot lifestyle center located in Carmel, Indiana for approximately $22.9M plus its partner's share of debt of $57.5M. The transaction is expected to close later this week. The center, which is 97.8 percent occupied, is anchored by Dick's Sporting Goods, DSW and Whole Foods and includes several national and local retailers as well as a variety of dining options. Also included in the transaction is land available for development.
Washington Prime's partner, Bob Lauth, exchanged his interest in the property for Washington Prime partnership units. Mr. Lauth commented, “My partners and I have enjoyed strong returns from our ownership in Clay Terrace and we look forward to a profitable future as Washington Prime unitholders.”
About Washington Prime Group
Washington Prime Group (NYSE: WPG) is a retail REIT that owns and manages 98 shopping centers totaling 53 million square feet diversified by size, geography and tenancy. Washington Prime combines a national real estate portfolio with an investment grade balance sheet and will leverage its expertise across the entire shopping center sector to increase cash flow through rigorous asset management of existing assets as well as select development and acquisitions of new assets with franchise value. For more information visit washingtonprime.com
June 16, 2014
News Release
Bethesda, Maryland — Washington Prime Group (NYSE: WPG) announced today that it has entered into a definitive agreement to acquire its partner's interest in a portfolio of seven open-air shopping centers. The transaction is expected to close later this week. Previously, Washington Prime held between 32 percent to 42 percent legal ownership interests in the properties, but received substantially less economic benefit due to the partner's preferred capital allocation. With this transaction, Washington Prime will own 100 percent of four properties and approximately 88.3 percent of the remaining three.
The purchase price for the properties totaled approximately $162 million plus the assumption of an additional $83.8 million in mortgage debt. The portfolio of properties totals over 2.1 million square feet and is approximately 96 percent occupied. Four of the centers are located in Florida, and one each in Indiana, Connecticut and Virginia. Also included in this transaction is land valued at approximately $4 million.
About Washington Prime Group
Washington Prime Group (NYSE: WPG) is a retail REIT that owns and manages 98 shopping centers totaling 53 million square feet diversified by size, geography and tenancy. Washington Prime combines a national real estate portfolio with an investment grade balance sheet and will leverage its expertise across the entire shopping center sector to increase cash flow through rigorous asset management of existing assets as well as select development and acquisitions of new assets with franchise value. For more information visit washingtonprime.com
Source: Washington Prime Group