(For more retail coverage, click GlobeSt.com/RETAIL.)
CINCINNATI-Federated Department Stores Inc. has completed thepreviously announcedsale of its New York-based Lord & Taylor division toNational Realty & Development Corp. Equity Partners ofPurchase, NY.
The final sale price was adjusted to $1.08 billion, orapproximately $840 million after tax. This compares with a saleprice of $1.195 billion included in an initial agreement announcedJune 22. The drop in price comes from NRDC subleasing certainproperties from Federated, which come with certain leaserestrictions. The rental income on these properties is expected tobe approximately $8.6 million per year.
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