Retail Value Inc. Announces Contract to Sell Green Ridge Square

Rhea-AI Summary

On November 2, 2021, Retail Value Inc. (NYSE: RVI) announced the expiration of the general due diligence period for the sale of Green Ridge Square in Grand Rapids, Michigan. The sale is valued at $23.3 million in cash, pending adjustments for closing costs and related fees. The transaction is subject to customary closing conditions and is expected to close by the end of 2021. RVI, which operates three assets in the U.S., aims to enhance its business value through strategic asset management.

Positive

• Announcement of a sale of Green Ridge Square for $23.3 million indicates potential cash inflow.
• Expected completion of the sale by the end of 2021 could enhance liquidity.

Negative

• None.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- On November 2, 2021, Retail Value Inc. (NYSE: RVI) announced that the general due diligence period had expired under an agreement to sell Green Ridge Square located in Grand Rapids, Michigan to a third party purchaser for $23.3 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 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/20211102006154/en/

Christa Vesy

EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What is the value of the Green Ridge Square property sale by Retail Value Inc.?

The sale of Green Ridge Square is valued at $23.3 million.

When is the expected closing date for the Retail Value Inc. property sale?

The closing is expected to occur by the end of 2021.

What are the key conditions for the closing of Retail Value Inc.'s property sale?

The closing is subject to customary conditions outlined in the sale agreement.

What assets does Retail Value Inc. own?

Retail Value Inc. holds three assets in the continental U.S.