Retail Value Inc (fka RVIC)

[Enterprising Investor]

RVI Announces Sale of The Walk at Highwoods Preserve (6/27/18)

BEACHWOOD, Ohio--(BUSINESS WIRE)--On June 27, 2018, Retail Value Inc. (“RVI”) closed on the sale of The Walk at Highwoods Preserve (Tampa, FL) for $25.0 million. Net proceeds were used to repay mortgage debt associated with RVI.

Subsequent to the transaction, RVI owns interests in 36 properties located in the continental U.S. and 12 properties in Puerto Rico.

About RVI

RVI is currently a wholly-owned subsidiary of DDR Corp. (“DDR”) and will become an independent publicly traded company upon its spin-off from DDR, which is expected to occur on or about July 1, 2018. Upon completion of the spin-off, RVI will trade on the New York Stock Exchange under the ticker symbol “RVI”. RVI was formed primarily to hold assets in the continental U.S. and Puerto Rico and will be managed by one or more subsidiaries of DDR upon completion of the spin-off. RVI expects to focus on realizing value in its business through operations and sales of its assets, which had a combined gross book value of approximately $2.8 billion as of March 31, 2018.

https://www.businesswire.com/news/home/20180627006296/en/RVI-Announces-Sale-Walk-Highwoods-Preserve