SITE Centers Sells 11 Properties for $610M Ahead of Curbline Spin-Off
Portfolio Pulse from Benzinga Newsdesk
SITE Centers Corp. has sold 11 properties for $610 million, preparing for the spin-off of Curbline Properties Corp. Curbline will be capitalized with $800 million in cash and a $400 million line of credit, and will be listed on the NYSE under 'CURB'. SITE Centers shareholders will receive two shares of Curbline for each SITE share held.
September 30, 2024 | 11:02 am
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SITE Centers sold 11 properties for $610M, boosting Curbline's capitalization ahead of its spin-off. Shareholders will receive two Curbline shares for each SITE share.
The sale of properties increases liquidity and strengthens the balance sheet of the upcoming Curbline spin-off, which is likely to be viewed positively by investors. The distribution of Curbline shares to SITE shareholders could also enhance shareholder value.
CONFIDENCE 95
IMPORTANCE 85
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