Regency Centers Completes Portfolio Sale
Regency Centers Corporation today announced it has closed on the sale of the portfolio of shopping centers owned by Regency Retail Partners, LP (the “Fund”) together with adjacent property phases wholly-owned by Regency to a joint venture between an affiliate of Blackstone Real Estate Partners VII L.P. and DDR Corp. for a gross sales price of $332 million, including $207 million of assumed mortgage debt. Given Regency’s 20% ownership interest in the Fund, the company’s share of net sales proceeds from this transaction before closing adjustments was approximately $38 million. The Fund will be dissolved following this transaction.
Regency is the preeminent national owner, operator, and developer of high quality grocery-anchored and community shopping centers. At June 30, 2013, the Company owned 343 retail properties, including those held in co-investment partnerships. Including retailer-owned square footage, the portfolio encompassed 45.9 million square feet located in top markets throughout the United States. Since 2000, Regency has developed 211 shopping centers, including those currently in-process, representing an investment at completion of more than $3.0 billion. Operating as a fully integrated real estate company, Regency is a qualified real estate investment trust that is self-administered and self-managed.