OAK BROOK, IL—InvenTrust Properties Corp. said Thursday evening that it had completed the spin-off of Highlands REIT Inc., a wholly-owned subsidiary that InvenTrust formed to hold its “non-core” assets. GlobeSt.com first reported in December that InvenTrust planned the spin-off through the pro rata distribution of 100% of Highlands common stock to InvenTrust stockholders of record as of April 25.

“This is the next step in executing our long-term portfolio strategy,” says Thomas McGuinness, president and CEO of InvenTrust. “This event brings InvenTrust closer to becoming a pure-play retail REIT, while also allowing the management teams at both companies to focus solely on their portfolio of assets to maximize value for the stockholders. I would also like to wish Richard Vance and his team at Highlands all the best as they embark on their future as an independent company.” Vance, an SVP at InvenTrust, was named in December to lead the spin-off company.

Subsequent to announcing the Highlands spin-off, InvenTrust also engineered its exit from the student housing business. In January, the company announced the $1.4-billion sale of its University House Community Group Inc. platform to a partnership of Canada Pension Plan Investment Board, GIC Pte. Ltd. and the Scion Group LLC

Highlands is an independent, self-managed, non-traded REIT with a dedicated management team focused on preserving, protecting and maximizing the total value of its portfolio. Its portfolio consists of seven single- and multi-tenant office assets, two industrial assets, six retail assets, two correctional facilities, four parcels of unimproved land and one bank branch.