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Wednesday, October 11, 2023 5:21:32 PM
NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, today announced that on September 26, 2023, the Company made a voluntary prepayment of $80 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (“Berkshire Hathaway”).
With the prepayment, the Company has now repaid a total of $1.2 billion since December 2021 and $400 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage’s total annual interest expense related to the term loan facility by approximately $5.6 million. The cumulative repayments since December 2021 have reduced Seritage’s total annual interest expense related to the term loan facility by approximately $84.0 million.
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of June 30, 2023, the Company’s portfolio consisted of interests in 50 properties comprised of approximately 6.8 million square feet of gross leaseable area (“GLA”) or build-to-suit leased area, approximately 157 acres held for or under development until time of sale and approximately 3.6 million square feet of GLA or approximately 303 acres to be disposed of in its current state. The portfolio consists of approximately 5.2 million square feet of GLA held by 38 wholly owned properties and 1.7 million square feet of GLA held by 12 unconsolidated entities.
https://www.businesswire.com/news/home/20230926894519/en/
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
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