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June 16, 2014
17:03 EDTWPGWashington Prime Group to acquire partners interest in property portfolio
Washington Prime Group announced 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%-42% 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% of four properties and approximately 88.3% of the remaining three. The purchase price for the properties totaled approximately $162M plus the assumption of an additional $83.8M in mortgage debt. The portfolio of properties totals over 2.1M square feet and is approximately 96% 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 $4M.
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