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
Colorado based doctor Dilip Joseph, who was kidnapped by the Taliban discusses his ordeal in detail in a book published by Amazon on Tuesday. Extending the rebound seen over the course of the previous session, stocks moved sharply higher during trading on Friday. The gains on the day partly offset the recent sell-off on Wall Street, although the major averages remain well off their mid-September highs. While the Ebola outbreak in the U.S. has thus far been limited to just three people, the results of a new CBS News poll suggest that news of the disease has contributed to a sharp drop in public confidence in the Centers for Disease Control and Prevention.
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.