NYRT Finally Plans Sell-Off, Dissolution

Happel: “Liquidation and selling our assets will maximize stockholders’ value while preserving flexibility for a sale.”

NEW YORK CITY—Following the calling off of a planned $8.4 billion takeover by JBG Cos. earlier this month, New York REIT has revealed it plans a sell-off and complete dissolution of its assets. Proceeds from the move will go to stockholders—some of whom have been very vocal for some time about their dissatisfaction with the REIT—and then the company will be dissolved.

NYRT also has amended its current credit facility, allowing it to adopt a plan of liquidation. The company’s board has approved a plan of complete liquidation and dissolution of the company, which plan must be approved by the company’s stockholders. The company plans to hold a special meeting of stockholders to seek approval of the plan and expects to file preliminary proxy materials with the Securities and Exchange Commission in the near future.