Retail Value Inc. Announces Sale of Noble Town Center

Rhea-AI Summary

On April 13, 2021, Retail Value Inc. (RVI) completed the sale of Noble Town Center in Jenkintown, PA, for $14 million, using 90% of net proceeds to repay mortgage debt. The remaining proceeds were retained as cash. Following this transaction, RVI now holds interests in 20 properties across the continental U.S. and Puerto Rico, further solidifying its asset portfolio.

Positive

• Sale of Noble Town Center for $14 million enhances cash reserves.
• 90% of net proceeds utilized for repaying mortgage debt improves financial health.
• RVI now owns 20 properties, diversifying its asset base.

Negative

• None.

On April 13, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Noble Town Center (Jenkintown, PA) for $14.0 million prior to closing costs, prorations and other closing adjustments. Ninety percent (90%) of net proceeds were used to repay mortgage debt associated with RVI with the remaining proceeds retained as cash.

Subsequent to the transaction, RVI owns interests in 9 properties located in the continental U.S. and 11 properties in Puerto Rico.

About RVI

RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210413006130/en/

FAQ

What was the sale price of Noble Town Center by RVI?

Retail Value Inc. sold Noble Town Center for $14 million.

How much of the proceeds from the Noble Town Center sale were used to repay debt?

Ninety percent (90%) of the net proceeds were used to repay mortgage debt.

How many properties does RVI own after the sale of Noble Town Center?

After the sale, RVI owns interests in 20 properties, including 9 in the U.S. and 11 in Puerto Rico.

When did Retail Value Inc. complete the sale of Noble Town Center?

Retail Value Inc. completed the sale of Noble Town Center on April 13, 2021.