Cedar Realty Trust has completed the previously announced sale of a portfolio of 33 grocery-anchored shopping centers and a redevelopment property to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for total gross proceeds of approximately $879 million, including assumed debt. It previously sold its Riverview Plaza redevelopment property for gross proceeds of approximately $34 million.
The completed transactions are the first step in the company’s previously announced sale of its assets and subsequent merger with Wheeler REIT in a series of related all-cash transactions. The final step of the process, expected to be completed within four to six weeks, is the merger of the company with a Wheeler subsidiary in an all-cash transaction that values the Cedar’s remaining assets at $291.3 million.
Total net proceeds from the transactions, after all expenses, will be distributed to common shareholders upon the completion of the Wheeler merger.
