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GlobeSt.com EXCLUSIVE: Prime Retail Sale Completed

BALTIMORE-The previously announced sale of Prime Retail, based here, to an affiliate of the Lightstone Group LLC for $626.5 million in cash and assumed debt has been completed.

By Barbara Jarvie and Eric Peterson | Updated on December 11, 2003

BALTIMORE-The sale of Prime Retail Inc. to an affiliate of the Lightstone Group LLC for $626.5 million in cash and assumed debt has been completed. The affiliate, Prime Outlets Acquisition Co. LLC, is paying a total of $115.5 million for Prime Retail, a self-administered, self-managed REIT. The deal also calls for the buyer to assume approximately $511 million of the company’s debt.

Last month, shareholders of the locally based Prime Retail approved the acquisition. The vote came at a special meeting, with 70% of Series A preferred stockholders, 79.6% of Series B preferred stockholders and 58.4% of common stockholders supporting the buyout.

Under the terms of the agreement for the acquisition, Prime Retail’s Series A preferred stockholders will get $18.40 per share. Holders of Series B preferred stock will get $8.169 per share, and holders of Prime Retail common stock will get $0.17 per share.

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