Big still sells 2 properties in the US and acquires in Europe compared to Summit which acquires in the US and liquidates its holdings in Germany, how the various strategies will affect the companies await the annual reports
Big Shopping Centers reports today that the American subsidiary BIG Shopping Centers USA, in which the company owns 80% of the chain, reports the sale of two more properties in the US for a total price of $ 128.5 million.
The properties currently sold are the One Pacific Place open-air shopping center, located in Omaha (Nebraska). And the Summit Woods Crossing Open-Air Mall, located in Missouri.
The Open Pacific Place shopping center was sold for $ 34 million, reflecting a discount rate of approximately 6.17% on the expected NOI for 2022, of approximately $ 2.1 million. The center includes an area of approximately 8,500 square meters with a total occupancy rate of approximately 97.3%. Against the property there is a loan of approximately $ 20.9 million which will be repaid upon completion of the transaction. The sale price for the Summit Woods Crossing Open Shopping Center is $ 94.5 million. The consideration for the center reflects a discount rate of approximately 6.77% on the expected NOI for 2022 of approximately $ 6.4 million. Approximately 50,650 square meters with a total occupancy rate of approximately 98.2%. There is a loan of approximately $ 51.6 million against the property, which will be repaid upon completion of the transaction. The expected cash flow for the subsidiary from the sale before related costs, as the transaction is completed, will be approximately $ 17 million.
Chai Gallis, CEO of Big Notes that this sale is in line with the Company’s continued strategy to realize assets in the United States. The value of the consideration is beyond the value of the assets in the books and the company is constantly working to find new business opportunities. “