SITE Centers sells six properties for $495M to Pine Tree affiliate; closing by Q2 2024

SITE Centers Corp.

Purchase price of $495M in cash for Arrowhead Crossing, Easton Market, The Fountains, Kenwood Square, Polaris Towne Center, and Tanasbourne Town Center.
Company retains small parcels at The Fountains, Polaris Towne Center, and Tanasbourne for planned Curbline Properties spin-off.
Closing expected by end of Q2 2024, subject to customary conditions including estoppels, reps accuracy, and absence of casualty events.
Sellers are subsidiaries of SITE Centers; buyer is an affiliate of Pine Tree.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SITE Centers Corp. entered into Purchase Agreement with an affiliate of Pine Tree valued at $495 million (effective 2024-05-17).

Action: entry
Agreement: asset purchase
Counterparty: an affiliate of Pine Tree
Value: $495 million
Effective: 2024-05-17

Exact text from the filing

On May 17, 2024, certain subsidiaries (the " Sellers ") of SITE Centers Corp. (the " Company ") entered into a Purchase Agreement (the " Purchase Agreement ") with an affiliate of Pine Tree (the " Purchaser "). Pursuant to the Purchase Agreement, the Sellers have agreed to sell to the Purchaser their interests in Arrowhead Crossing (Phoenix, Arizona), Easton Market (Columbus, Ohio), The Fountains (Miami, Florida), Kenwood Square (Cincinnati, Ohio), Polaris Towne Center (Columbus, Ohio) and Tanasbourne Town Center (Portland, Oregon) for a price of $495 million in cash, subject to adjustment for certain closing pro-rations, allocations and credits for signed leases and capital expenditures.

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Source: SEC EDGAR

accession 0000950170-24-062115

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