(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
NEW YORK CITY-New Plan Excel Realty Trust has closed on a previously announced deal, in which it sold 69 community centers to a joint venture called Galileo America for $968 million. As part of the transaction New Plan received a 5% interest in the partnership.
"We're effectively recycling capital from a joint venture vehicle," said New Plan's CEO Glenn J. Rufrano during a conference when the sale was announced last month. "We are also improving our financial flexibility and credit profile."
New Plan's stake in Galileo formerly belonged to Chattanooga, TN-based mall owner CBL & Associates Properties, which cased out of an 8.4% interest in the venture for $100 million.
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