Amster more than doubled his holdings in Horizon Group Properties, which 12 factory outlet and power centers totaling 2.5 million sf. He is limited to owning 29.9% of the company, while other shareholders can own no more than 4.9% of the REIT's outstanding shares.
Horizon Group Properties places a value of $5.16 per share on the transaction, announced late Wednesday night. Shares of the REIT's stock jumped 10% to $2.75 per share by mid-morning Thursday.
As part of the deal, Reschke resigned from Horizon Group Properties' board of directors. "He contributed great insight and real estate expertise," says chairman, president and chief executive officer Gary J. Skoien in a statement.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.