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Prometheus Southeast Bidding for Konover

RALEIGH, NC-Credit Suisse First Boston is analyzing offers for the locally based REIT that owns or joint ventures 38 shopping centers totaling 5.2 million sf in seven states. Prometheus owns 67% of Konover through a 1999 stock deal valued at the time at $200 million.

By Stacey Corso | Updated on March 15, 2002

RALEIGH, NC-Locally based Konover Property Trust Inc. is considering selling its retail portfolio of 38 shopping centers in seven states and has retained Credit Suisse First Boston to analyze bids.

Prometheus Southeast Real Estate Trust, an affiliate of New York-based Lazard Freres Real Estate Investors, has made a so-far undisclosed purchase offer which Konover is filing on its 13D/A schedule with the Securities and Exchange Commission, Konover says in a prepared statement.

The proposed deal would be a business combination in which Konover’s minority common shareholders would receive $1.75 in cash per share.

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