Plaza Centers N.V. (PLAZ.L) announced the completion of significant sale of 47 U.S. assets by EPN Group.
Plaza said that certain indirect subsidiaries of EPN GP, LLC and EPN EDT Holdings II, LLC, Plaza's joint US subsidiaries, completed the sale of 47 U.S. based shopping centres to BRE DDR Retail Holdings LLC, a joint venture between Blackstone Real Estate and DDR Corp. (DDR), for a purchase price of about $1.43 billion. Net of property level debt repaid or assumed and including cash and other net working capital items, the proceeds to EPN are about $530 million before taxes and transaction expenses.
The successful completion of the transaction generated a cash inflow for Plaza of $120 million, a significant return on its around $82 million equity invested over a period of little over two years.
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