Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Weingarten Realty To Sell Wholly-owned Industrial Portfolio To DRA

Weingarten Realty Investors (WRI: Quote) said it has reached a definitive agreement to sell its wholly-owned industrial portfolio to DRA Advisors LLC. The portfolio is comprised of 52 industrial properties, aggregating about 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia. The portfolio is predominately unencumbered, with DRA assuming one secured loan of $4.9 million. The sale price is $382.4 million, representing a capitalization rate of nearly 8%.

The company said the proceeds from this transaction would be used to pay down amounts outstanding under its revolving credit facility and repay a $200 million unsecured term loan, resulting in a further strengthening of the company's balance sheet and providing additional capacity to fund growth opportunities in its core retail markets.

The company retains an interest in two joint venture relationships, which at the Company's pro rata share, aggregates approximately 1.4 million square feet of industrial real estate. The transaction may occur within the next forty-five to sixty days.

Click here to receive FREE breaking news email alerts for Weingarten Realty Investors and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Reserve Bank of Australia Governor Glenn Stevens kept the foreign exchange intervention plan open to build up confidence and bring the stubbornly high currency to lower levels."The exchange rate, another channel through which monetary policy usually has an effect, is probably not doing as much as it might usually be expected to do in achieving balanced growth," he said in his opening statement. Stocks turned in another strong performance during trading on Tuesday, extending the upward trend seen over the past several sessions. The gains on the day once again lifted the tech-heavy Nasdaq to a new fourteen-year closing high. President Barack Obama revealed Monday that he is dispatching Attorney General Eric Holder to Ferguson, Missouri, amid ongoing violence in the St. Louis suburb. Obama said Holder will travel to Ferguson on Wednesday to meet with the FBI agents and Justice Department personnel conducting an investigation of the shooting death of Michael Brown.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.