CV Reit, Inc. Approves Acquisition of Three Shopping Centers With an Approximate Value Of $33,350,000.WEST PALM BEACH, Fla.--(BUSINESS WIRE)--April 28, 1998--CV Reit, Inc., a fully integrated shopping center real estate investment trust, today announced that its Board of Directors approved the acquisition of three neighborhood shopping centers encompassing approximately 352,000 square feet with a value of $33,350,000. Louis P. Meshon, Sr., President and Chief Executive Officer of CV Reit, stated that the acquisition, upon completion, will increase the Company's portfolio to nearly 1,300,000 square feet and the value of commercial real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most by the Company and its subsidiaries to $122,130,000. Mr. Meshon further noted that the planned acquisitions are expected to have a positive effect on the FFO FFO See: Funds from operations of the Company by the third quarter of Fiscal 1998. The Company previously announced the closing of a $100 million credit facility from GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance . The new acquisitions will commence the utilization of funds from that commitment. CV Reit, Inc. (NYSE NYSE See: New York Stock Exchange : CVI CVI C (Language) Virtual Instrument CVI Clinical and Vaccine Immunology (journal) CVI Chronic Venous Insufficiency CVI Coastal Vulnerability Index CVI Canaan Valley Institute ) is a self administered, self-managed real estate investment trust. Through its affiliate, Montgomery CV Realty Group, it is now capitalizing on more than 25 years of excellence in shopping center acquisition, leasing, development and management. The company currently owns 13 income-producing properties, aggregating approximately 934,000 square feet, principally shopping centers located in Pennsylvania, New Jersey and Florida. The company intends to continue to identify and acquire undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. , under-managed properties in the Mid-Atlantic region and Florida. CONTACT: CV Reit, Inc., West Palm Beach H. Irwin Levy, 561/640-3100 |
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