Winthrop Realty Trust Announces Sale of Its Highgrove Apartments in Stamford, Connecticut (5/19/16)
BOSTON, May 19, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (NYSE:FUR) (“Winthrop”) announced today that the venture in which Winthrop holds an 83.7% interest sold its luxury apartment building located in Stamford, Connecticut commonly known as Highgrove Apartments for a gross sales price of $87,500,000. In addition, the venture retained $2,500,000 of the deposit previously provided by a prior potential purchaser resulting in gross proceeds to the venture of $90,000,000. After satisfying the debt encumbering the property and closing costs, net proceeds from the sale, inclusive of the retained prior deposit, allocable to Winthrop were approximately $8,645,000, which amount is consistent with the most recently reported liquidation value attributable to this property.
About Winthrop Realty Trust
Winthrop, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT). Winthrop’s shareholders have adopted a plan of liquidation pursuant to which Winthrop is liquidating and winding down and, in connection therewith, is seeking to sell its assets in an orderly fashion to maximize shareholder value. For more information, please visit our web-site at www.winthropreit.com. http://globenewswire.com/news-release/2016/05/19/841804/0/en/Winthrop-Realty-Trust-Announces-Sale-of-Its-Highgrove-Apartments-in-Stamford-Connecticut.html