Cedar Shopping Centers Inc. plus RioCan Real Estate Investment Trust, from side to side an obtainable joint undertaking, have entered into a ultimate purchase accord to purchase seven properties for $200 million from PREIT.
The real estate deal has three parts. The first part includes five anchored shopping center for $134 million. A sixth possession is subject to positive conditions, as well as terms of an existing business between a third party joint-venture partner and PREIT. All six of those properties will be purchased by the obtainable Cedar (20 percent) and RioCan (80 percent) joint undertaking.
On top of the seventh possessions, Cedar and RioCan will own the property on a 50-50 basis with the expectation that the parties will finally redevelop this property. Final of the purchase of those belongings is subject to reaching concord with a third-party joint venture partner of PREIT. Certain "earn-out" planning for lease-up of empty premises through the next two years could potentially product in a further increase of the total purchase price.
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The real estate deal has three parts. The first part includes five anchored shopping center for $134 million. A sixth possession is subject to positive conditions, as well as terms of an existing business between a third party joint-venture partner and PREIT. All six of those properties will be purchased by the obtainable Cedar (20 percent) and RioCan (80 percent) joint undertaking.
On top of the seventh possessions, Cedar and RioCan will own the property on a 50-50 basis with the expectation that the parties will finally redevelop this property. Final of the purchase of those belongings is subject to reaching concord with a third-party joint venture partner of PREIT. Certain "earn-out" planning for lease-up of empty premises through the next two years could potentially product in a further increase of the total purchase price.
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