RVI - Retail Value Inc. Announces Sale of Puerto Rico Portfolio
On August 27, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of the Company’s 9 remaining properties in Puerto Rico for $550 million prior to closing costs, prorations and other closing adjustments. Subsequent to the transaction, RVI owns interests in 8 properties located in the continental U.S.
Net proceeds received at closing were approximately $539 million, a portion of which were used to fully repay the outstanding balance of the Company’s mortgage loan. Immediately prior to closing, the outstanding principal balance of the mortgage loan was approximately $214.5 million.
RVI Puerto Rico Sale Properties
|
Property Name |
| City |
| Owned GLA |
| Plaza Isabela |
| Isabela |
| 259 |
| Plaza Fajardo |
| Fajardo |
| 274 |
| Plaza Walmart |
| Guayama |
| 164 |
| Plaza del Atlántico |
| Arecibo |
| 223 |
| Plaza del Sol |
| Bayamon |
| 598 |
| Plaza Río Hondo |
| Bayamon |
| 556 |
| Plaza Escorial |
| Carolina |
| 525 |
| Plaza Cayey |
| Cayey |
| 313 |
| Plaza del Norte |
| Hatillo |
| 626 |
Goldman Sachs & Co. LLC acted as a financial advisor to RVI in connection with this transaction.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com .
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Christa Vesy, EVP and Chief Financial Officer
216-755-5500