Seritage Growth Properties (SRG): M&A transaction — Seritage sells Aventura property for $131M, prepays $130M on term loan, leaving $70M outstanding

Seritage Growth Properties

Closed sale of Aventura, FL property for $131M on Nov 25, 2025; proceeds used for debt prepayment.
Voluntary prepayment of $130M toward $1.6B Berkshire Hathaway term loan; $70M remains outstanding.
Cumulative repayments since Dec 2021 total $1.53B, reducing annual interest by ~$108.6M.
Current prepayment reduces annual interest expense by approximately $9.2M.
Pro forma balance sheet shows cash of $173M and total equity of $340M after adjustments.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Seritage Growth Properties completed a disposition involving Boulevard Step Ventures LLC for $131.0 million less a credit for unpaid leasing costs as of the closing date for existing leases (closed 2025-11-25).

Action: disposition
Counterparty: Boulevard Step Ventures LLC
Consideration: $131.0 million less a credit for unpaid leasing costs as of the closing date for existing leases
Closing: 2025-11-25

Exact text from the filing

As previously reported by Seritage Growth Properties (the "Company") in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 8, 2025, a subsidiary of the Company entered into a purchase and sale agreement (the "PSA") as of September 2, 2025 (the "effective date") with Boulevard Step Ventures LLC (the "Buyer") for the sale of the Company’s property located in Aventura, Florida (the "Aventura Property"). The purchase price for the sale of the Aventura Property was $131.0 million less a credit for unpaid leasing costs as of the closing date for existing leases. The transaction closed on November 25, 2025, in accordance with the terms of the PSA.

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Source: SEC EDGAR

accession 0001193125-25-297647

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