Finance REITs
Empire Closes $429M Sale
April 22, 2008

Empire Company Ltd. has announced that it and certain of its wholly-owned subsidiaries, including Sobey Leased Properties Ltd.,have closed the previously announced sale of 61 retail properties to Crombie REIT for $428.5 million. The properties represent approximately 3.3 million square feet of gross leasable area and consist of 40 freestanding grocery stores carrying various Sobeys banners and 21 strip plazas all of which are also anchored by Sobeys bannered grocery stores. The sale was reported by CPN when announced by Empire on Feb. 25, 2008. Empire has realized a pre-tax gain of approximately $165 million on closing of this transaction.

 
Recent REITs Headlines
1250 Broadway Closes with $215M Financing via Carlton
May 16, 2008
The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced.
Pair of SoCal Hotels Trade for $80M
May 14, 2008
R.D. Olson Development has sold two hotels in Southern California to Apple REIT 8 for a combined $80 million.
Allen & O’Hara Closes $73M Student Housing Bond Issue
May 14, 2008
Allen & O’Hara Development Co., the development subsidiary of Education Realty Trust Inc., has closed on a $73.4 million bond issue for the development of a student housing project at Indiana University of Pennsylvania.
Simon to Sell $1.5B in Senior Notes
May 13, 2008
In a time when borrowing can be a daunting task, even for entities with sterling credit histories, companies are turning to other means to raise the capital they need, according to industry experts.
Redevelopment of Baltimore Suburb to Be a Model in Green
May 12, 2008
General Growth Properties' vision for Downtown Columbia, Md.'s renaissance will leave the master-planned community awash in green, the developer recently revealed to a crowd of area residents.
 

 

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