Pine Tree Buys Sponsor Stake in $644M SITE Centers Portfolio
SITC sits 30% above its 52-week low of $2.8.
Summary
Pine Tree acquired the sponsor interest in a 10-property, 3.5 million-square-foot shopping center portfolio appraised at $644 million, buying it from SITE Centers alongside a large international investor. It is the second off-market portfolio deal between the two, bringing combined asset value above $1.1 billion and marking Pine Tree's largest transaction in its 31-year history. For SITE Centers this is another step in the wind-down: it follows the roughly $32.4 million sale of its Dividend Trust Portfolio JV interests on Oct 15, the NYSE delisting notice filed Oct 16 (Form 25 on Nov 23), and the $3.00 special distribution declared Oct 19. The portfolio is primarily grocery-anchored across nine states and top-50 markets, anchored by Target, Sam's Club, Publix, Lowe's and others. The deal price is not disclosed, so the cash impact to SITE Centers is unclear; the special distribution's Nov 5 payment and Nov 6 ex-date are the near-term markers.
At the time of this announcement, SITC was trading at $3.65 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $191.3M. The 52-week trading range was $2.80 to $8.95. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.