Connecticut Common aerialBEACHWOOD, OHIO–SITE Centers has closed a joint venture with two Chinese institutional investors in which a 10-property portfolio has been recapitalized at approximately $607 million. SITE Centers will retain a 20% stake in the joint venture and receive management fees. The joint venture has also entered into a $364 million mortgage.
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SITE Centers plans to use its new liquidity to expand its opportunistic investment program, to fund its redevelopment pipeline and to repurchase its common shares. Net proceeds will also be used to repay $95 million of mortgage debt maturing in first quarter 2019 and up to $400 million of unsecured debt.
SITE Centers expects it will extend the joint venture beyond this initial investment, said David Lukes, President and CEO.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
