SITE Centers plans to spin off its convenience assets into a separate publicly traded REIT to be named Curbline Properties Corp.
SITE owns open-air shopping centers in suburban, high-household income communities in a mix of grocery, lifestyle, net lease, and regional power center properties. The spin off is testament not only to the strength of the convenience store sector but also to strip malls' growing dominance in retail.
"CURB's balance sheet upon separation from SITE Centers is expected to position Curbline for significant asset growth in a period of market disruption, providing a compelling competitive advantage in a fragmented yet liquid marketplace," David R. Lukes, President and Chief Executive Officer, said in prepared remarks.
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