by David Bodamer April 26th, 2007
Colonial Properties Trust has been working on it for years, but it appears it has found a way to sell off its remaining office and retail assets.
It is working with DRA Advisors, which over the years has been a frequent partner with Developers Diversified Realty Trust.
Real estate investment trust Colonial Properties Trust said Thursday it sold its interests in 26 office and 11 retail properties to two separate joint ventures for an undisclosed amount.
The REIT will keep a 15 percent interest in each of the joint ventures, while the partners — OZRE Retail LLC and a fund managed by DRA Advisors LLC — will hold the remaining interests. The company also said it will continue to manage and lease the properties.
As a result of these deals, Colonial Properties expects to pay out a special dividend of about $10.75 per share if approved by the company’s board. The company also said it expects to reduce its annualized dividend rate to between $2.05 per share to $2.15 per share, from $2.72 per share, beginning in the third quarter.
Related Topics: Finance, Investment, News, REITs, Retail Real Estate |
by David Bodamer April 26th, 2007
Tesco, which in the past had talked about taking its U.S. expansion slow, seems to be moving full blazes ahead with its growth in the California market.
British retailer Tesco has tripled the number of fresh express grocery stores it plans for Orange County.
Early Wednesday, Tesco – whose reputation in Europe rivals that of Wal-Mart in the United States – said it plans to open at least 100 Fresh & Easy Neighborhood Markets in the U.S. by February 2008. Among those will be six stores planned for Fullerton, Laguna Hills, Orange, Anaheim, Buena Park and Huntington Beach, according to the state’s Alcohol Beverage Control office in Santa Ana. Previously, only two Tesco locations in Orange County were known.
The extra Tesco stores slated for the county could give local shoppers a reason to abandon traditional supermarkets, particularly if there is a work stoppage or strike similar to the grocery industry labor dispute of four years ago. Representatives for supermarket owners and workers are meeting to discuss a new labor agreement, and both sides recently have indicated a strike or lockout is possible.
For background on Tesco’s plan, check here and here.
Related Topics: News, Retail, Retail Real Estate, Trends |
