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December 20, 2012
15:15 EDTAKRAcadia Realty Trust to sell 14 properties for $293.9M
On December 14, subsidiaries of Acadia Strategic Opportunity Fund II and Acadia Strategic Opportunity Fund III, which are subsidiaries of the registrant, Acadia Realty Trust, entered into a purchase and sale agreement with SP Holdings I, an unaffiliated entity, to sell 14 self-storage properties for an aggregate sale price of approximately $293.9M. The Funds expect to receive net proceeds of approximately $134.3M after the repayment of $147.5M of outstanding mortgage debt, payments to non-controlling interests, and closing costs. The Funds have received a deposit of $7.9M, which is non-refundable except in the event of a default (as defined in the Agreement) by the Funds. The transaction is expected to fully close within the next 60 days and may be completed in tranches, with the first, and largest, tranche being completed as early as before year-end. As this transaction remains subject to customary closing conditions, no assurance can be given as to the timing or successful completion of all or a portion of the transaction. If the entire transaction is completed, the Funds will have disposed of the entire portfolio of self-storage properties, although Fund III will retain an ownership interest in the self-storage management company that it previously acquired in connection with its ownership of the self-storage portfolio.
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