Armada Hoffler Properties Agrees to Sell Seven Retail Assets for $106.5 Million
Armada Hoffler Properties, Inc. (AHH)
Last armada hoffler properties, inc. earnings: 4/30 06:00 am
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Source: GlobeNewswire
VIRGINIA BEACH, Va., March 16, 2020 (GLOBE NEWSWIRE) -- As part of Armada Hoffler Properties’ (AHH: NYSE) previously announced asset recycling program, Armada Hoffler Properties announced today that it has entered into a definitive agreement with an institutional buyer to sell a portfolio of seven retail assets comprising over 630,000 square feet for $106.5 million. Management intends to use approximately $45 million of the proceeds from the sale to pay down debt and the remaining proceeds to consummate previously identified asset acquisitions. “Despite recent volatility in the capital markets, institutional demand for stabilized retail assets remains strong,” said Louis Haddad, President & CEO of Armada Hoffler Properties. “We look forward to completing the disposition of these seven neighborhood shopping centers, many of which we developed and built. With anticipated gross proceeds of $106.5 million, we expect to complete the asset recycling initiative that we started last year a
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