Retail Value Inc. Announces Contract of Willowbrook Plaza

Rhea-AI Summary

Retail Value Inc. (NYSE: RVI) announced the expiration of the due diligence period for the sale of Willowbrook Plaza in Houston, Texas, for $37.1 million in cash. The closing is subject to customary conditions and is projected to occur by the end of 2021. RVI holds three U.S. assets and is focused on maximizing value through asset operations and sales.

Positive

• Planned sale of Willowbrook Plaza for $37.1 million in cash.
• Anticipated closing by the end of 2021, which could enhance liquidity.

Negative

• None.

 

BEACHWOOD, Ohio--(BUSINESS WIRE)-- Retail Value Inc. (NYSE: RVI) today announced that the general due diligence period expired under an agreement to sell Willowbrook Plaza located in Houston, Texas to a third party purchaser for $37.1 million in cash, subject to adjustment for certain closing pro-rations, allocations, credits, closing costs and escrows. Closing remains subject to customary conditions and is expected to occur by the end of 2021.

About RVI

RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds three assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.

Safe Harbor

The Company considers information in this press release that relates to expectations for future periods to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, including, among other factors, the Company and its subsidiary’s ability to satisfy the conditions to closing specified in the sale agreement, actual costs and expenses relating thereto and the purchaser’s ability to perform. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211116006397/en/

Christa Vesy, EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What is the significance of RVI's sale of Willowbrook Plaza?

RVI is selling Willowbrook Plaza for $37.1 million, expected to increase liquidity.

When is the expected closing date for the Willowbrook Plaza sale?

The anticipated closing date for the sale is by the end of 2021.

What is the cash amount involved in RVI's property sale?

The cash amount involved in the sale of Willowbrook Plaza is $37.1 million.

Where is Willowbrook Plaza located?

Willowbrook Plaza is located in Houston, Texas.