Weingarten Realty Investors Announces Strategic Sale Of Wholly-Owned Industrial Portfolio

Weingarten Realty Investors announced that it has entered into a definitive agreement to sell its wholly-owned industrial portfolio to DRA Advisors LLC (DRA). The portfolio is comprised of 52 industrial properties, aggregating approximately 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia. The portfolio is predominately unencumbered, with DRA assuming one secured loan of $4.9 million. The sale price is $382.4 million, representing a capitalization rate of approximately 8%. Proceeds from this transaction will be used to pay down amounts outstanding under its revolving credit facility and repay a $200 million unsecured term loan, resulting in a further strengthening of the Company’s balance sheet and providing additional capacity to fund growth opportunities in its core retail markets. Closing of the transaction is subject to customary conditions and is expected to occur within the next forty-five to sixty days. J.P. Morgan Securities LLC served as financial advisor to Weingarten on the sale.