stormvogel schreef op 15 oktober 2012 21:14:
The Canadian Press - ONLINE EDITION
Homburg Invest subsidiary gets $24M from sale of joint venture assets in U.S.
By: The Canadian Press
15/10/2012 2:10 PM | Comments: 0
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MONTREAL - An indirect subsidiary of financially troubled real estate company Homburg Invest Inc. has received US$24 million from the sale of some of its U.S. assets.
Homburg Invest, which is under creditor protection in Canada, said Monday that Homburg Holdings (U.S.) Inc. stands to make up to an additional US$1.5 million on the sale of holdings related to its joint venture arrangements with Cedar Realty Trust Inc. (NYSE:CDR) if certain conditions are met.
Homburg said that on Oct. 12 HHUS completed the sale to Cedar of its 80 per cent interest in limited partnerships that own the Meadows Marketplace shopping centre in Hummelstown, Pa., and the Fieldstone Marketplace shopping centre in New Bedford, Mass.
On October 12, in transactions involving Cedar and affiliates of Prudential Financial Inc. (NYSE: PRU), seven other shopping centres were sold to Prudential.
"In connection with these transactions, HHUS and Cedar have agreed to terminate their joint ventures," Homburg said in a release.
Homburg Invest and certain of its affiliates — excluding HHUS — are under the protection of the Companies' Creditors Arrangement Act. The protection was extended last month until Dec. 14.
Homburg Invest Inc. owns a diversified portfolio of commercial real estate including office, retail, industrial and development properties throughout Canada, Europe and the United States.