Retail Value Inc. Announces Sale of Puerto Rico Portfolio

Retail Value Inc. Announces Sale of Puerto Rico Portfolio

BEACHWOOD, Ohio–()–On August 27, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of the Company’s 9 remaining properties in Puerto Rico for $550 million prior to closing costs, prorations and other closing adjustments. Subsequent to the transaction, RVI owns interests in 8 properties located in the continental U.S.

Net proceeds received at closing were approximately $539 million, a portion of which were used to fully repay the outstanding balance of the Company’s mortgage loan. Immediately prior to closing, the outstanding principal balance of the mortgage loan was approximately $214.5 million.

RVI Puerto Rico Sale Properties

         

 

Property Name

 

City

 

Owned GLA

(000’s)

         

Plaza Isabela

 

Isabela

 

259

         

Plaza Fajardo

 

Fajardo

 

274

         

Plaza Walmart

 

Guayama

 

164

         

Plaza del Atlántico

 

Arecibo

 

223

         

Plaza del Sol

 

Bayamon

 

598

         

Plaza Río Hondo

 

Bayamon

 

556

         

Plaza Escorial

 

Carolina

 

525

         

Plaza Cayey

 

Cayey

 

313

         

Plaza del Norte

 

Hatillo

 

626

Goldman Sachs & Co. LLC acted as a financial advisor to RVI in connection with this transaction.

About RVI

RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.

Published at Fri, 27 Aug 2021 21:01:00 +0000



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