CDR - Cedar Realty Trust closes sale of grocery-anchored portfolio

• Cedar Realty Trust ( NYSE: CDR ) closed the earlier announced sale of a portfolio of 33 grocery-anchored shopping centers and a redevelopment property to a JV between a fund managed by DRA Advisors LLC and KPR Centers for total gross proceeds of ~$879M, including assumed debt.
• Earlier, it sold its Riverview Plaza redevelopment property for gross proceeds of ~$34M.
• These transactions are the first step in its earlier announced sale of assets and subsequent merger in a series of related all-cash transactions.
• The final step of the process, expected to be completed within 4-6 weeks, is the merger of the company with a subsidiary of Wheeler Real Estate Investment ( NASDAQ: WHLR ) in an all-cash transaction valuing remaining assets at $291.3M.
• Total net proceeds from the transactions will be distributed to common shareholders on merger completion.

For further details see: