Retail Value Inc. Announces Sale of Puerto Rico Portfolio

Rhea-AI Summary

On August 27, 2021, Retail Value Inc. (NYSE: RVI) completed the sale of its nine remaining properties in Puerto Rico for approximately $550 million. The net proceeds at closing were about $539 million, which were partially used to fully repay a mortgage balance of $214.5 million. Following this transaction, RVI now owns eight properties in the continental U.S. Goldman Sachs & Co. LLC acted as the financial advisor for this deal.

Positive

• Closed sale of 9 properties in Puerto Rico for approximately $550 million.
• Net proceeds of about $539 million received at closing.
• Fully repaid mortgage loan balance of $214.5 million.

Negative

• None.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- On August 27, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of the Company’s 9 remaining properties in Puerto Rico for $550 million prior to closing costs, prorations and other closing adjustments. Subsequent to the transaction, RVI owns interests in 8 properties located in the continental U.S.

Net proceeds received at closing were approximately $539 million, a portion of which were used to fully repay the outstanding balance of the Company’s mortgage loan. Immediately prior to closing, the outstanding principal balance of the mortgage loan was approximately $214.5 million.

RVI Puerto Rico Sale Properties

					Property Name			City			Owned GLA (000's)
					Plaza Isabela			Isabela			259
					Plaza Fajardo			Fajardo			274
					Plaza Walmart			Guayama			164
					Plaza del Atlántico			Arecibo			223
					Plaza del Sol			Bayamon			598
					Plaza Río Hondo			Bayamon			556
					Plaza Escorial			Carolina			525
					Plaza Cayey			Cayey			313
					Plaza del Norte			Hatillo			626

Goldman Sachs & Co. LLC acted as a financial advisor to RVI in connection with this transaction.

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 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/20210827005405/en/

Christa Vesy, EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What was the sale price of Retail Value Inc.'s properties in Puerto Rico?

Retail Value Inc. sold its nine properties in Puerto Rico for approximately $550 million.

How much did Retail Value Inc. receive in net proceeds from the property sale?

The net proceeds received at closing were about $539 million.

What did Retail Value Inc. do with the proceeds from the Puerto Rico property sale?

A portion of the proceeds was used to fully repay the outstanding balance of the company's mortgage loan.

How many properties does Retail Value Inc. own after the Puerto Rico sale?

After the sale, Retail Value Inc. owns interests in eight properties located in the continental U.S.

Who acted as the financial advisor for Retail Value Inc.'s Puerto Rico property sale?

Goldman Sachs & Co. LLC acted as the financial advisor for the transaction.