SITE Centers Recapitalizes $607M Retail Portfolio
SITE Centers expects it will extend the joint venture beyond the initial investment.
BEACHWOOD, OHIO–SITE Centers has closed a joint venture with two Chinese institutional investors in which a 10-property portfolio has been recapitalized at approximately $607 million. SITE Centers will retain a 20% stake in the joint venture and receive management fees. The joint venture has also entered into a $364 million mortgage.
SITE Centers plans to use its new liquidity to expand its opportunistic investment program, to fund its redevelopment pipeline and to repurchase its common shares. Net proceeds will also be used to repay $95 million of mortgage debt maturing in first quarter 2019 and up to $400 million of unsecured debt.
SITE Centers expects it will extend the joint venture beyond this initial investment, said David Lukes, President and CEO.