SAN FRANCISCO-Cedar Shopping Centers is selling an 80% stake in nine centers valued at $170 million. The Port Washington, NY-based public company sold the interest to a subsidiary of Homburg Invest Inc., a Halifax, Nova Scotia-based public company. Cedar retains the remaining 20% stake as well as the fee-based management assignment for the new joint venture.

Eight of the shopping centers are located in Pennsylvania and the ninth is located in Massachusetts. Five of the properties, all anchored by Giant supermarkets, are in the process of being acquired by Cedar from Caldwell Development Corp.

The joint venture is structured through US limited partnerships such that, at Homburg’s election, it could sell a portion of its ownership to individual investors in Europe. The agreement is subject to a 30 day due diligence period.

Cedar Shopping Centers owns and operates 99 of primarily supermarket- and drug store-anchored centers with an aggregate leasable area of approximately 10.2 million square feet. Cedar also owns 16 development parcels aggregating approximately 178 acres. Homburg Invest owns and develops a diversified portfolio including office, retail, industrial and residential apartment and townhouse properties throughout Canada, the United States and Western Europe.

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