X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Entrepreneur Howard M. Amster has increased his stake in Horizon Group Properties, Inc. to 29.5% of the retail REIT after acquiring 528,118 shares of stock for $5 million from Michael W. Reschke, former chairman of Prime Group Realty Trust. The deal was between Amster and Reschke’s privately-controlled Prime Group, Inc., which relinquished a one-third stake in the office REIT to Vornado Realty Trust and Cadim inc.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.