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
With traders reacting positively to the results of Scotland's independence referendum, stocks are likely to extend their recent upward move in early trading on Friday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 74 points. Testosterone, often considered as the "fountain of youth", is the major sex hormone in men, and as they age the level of this hormone also naturally declines. The condition in which the body doesn't produce enough testosterone is known as hypogonadism or simply, Low T. European Central Bank Executive Board Member Benoit Coeure and a Germany's Deputy Labor Minister Joerg Asmussen have urged Germany to cut taxes on wages and promote investment to revive the euro area economy. In a jointly-authored opinion piece for the German daily Berliner Zeitung and the French...
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.