Contracts have been signed for the sale of the interests in the Portfolio with Global Retail Investors, LLC (GRI), a joint venture between the California Public Employees' Retirement System (CalPERS) and an affiliate of First Washington Realty, Inc. Settlement of the contracts will occur in a phased three-part sale process.
**The first phase involves the sale to GRI of a 45% interest in the Portfolio for a gross sale price of US$778.5 million (A$964.7 million). This first phase will close upon completion of documentation of lender consents for property-level loans, a process that is underway and expected to be completed by the end of July 2009.
The second phase involves the sale of a 20% interest for a gross sale price of US$346 million (A$428.7 million), with 15% being sold to GRI, and 5% being sold to either Regency or GRI. This phase is scheduled to close on the later of 31 March 2010 and completion of documentation of lender consents for the balance of the property-level loans.
To me, this has technically reached the bottom so i have just re-entered after taking some profits based on the reaction above. I have highlighted the section that i think is important at the moment. Hopefully there is an ann in the next couple of days confirming this expectation. The end of year should be after this towards the last couple of days of Aug. These 2 bits of info may help those looking for entry points as there should be a good couple of weeks between them. Goodluck holders
MCW Price at posting:
52.0¢ Sentiment: Buy Disclosure: Held
