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GlobeSt.com UPDATE: New Plan, CBL Close Galileo Sale

NEW YORK CITY-After New Plan's $968-million 69-center contribution, Galileo now controls 121 US properties.

By Ian Ritter | Updated on August 11, 2005

(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.”

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