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Article: New Plan Excel Realty Trust Announces Definitive Agreement to Acquire 58 Shopping Centers.
- Article from:
- PR Newswire
- Article date:
- November 11, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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New Plan Excel Realty Trust, Inc. today announced that it has entered into a definitive agreement with Equity Investment Group, a private retail focused REIT, to acquire a portfolio of 58 community and neighborhood shopping centers for approximately $437 million. The purchase price consists of the assumption of approximately $152 million of outstanding indebtedness, the issuance of approximately $25 million of units in a partnership controlled by New Plan and approximately $260 million of cash. The Company expects that the cash component of the transaction will be initially financed through its existing credit facility.
The portfolio is comprised of 55 ...
<150,000 SF,
community shopping centers>