CV Reit announces agreement to acquire shopping centers.WEST PALM BEACH, Fla.--(BUSINESS WIRE)--April 28--CV Reit (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 ), a real estate investment trust, reported today it has entered into a contract to acquire 22 strip shopping centers shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into valued at approximately $110 million. The company entered into the previously announced agreement with several private owners and entities for the acquisition of a commercial real estate management company, corporate offices and up to 22 strip shopping centers located primarily in eastern Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York and southern New Jersey. The agreement provides for a 45 day due-diligence period and is subject to shareholder approval. The transaction is projected to be completed in Sept. 1997. H. Irwin IRWIN are a collective of Slovene artists, primarily painters, part of Neue Slowenische Kunst (NSK). They describe their own work as "retro-principle" or "retro-avant-garde".[1] The group is emphatic about their work being collective rather than individual. Levy, president of Hilcoast Development Corp, the financial advisor to CV Reit, explained that the transaction contemplates the formation of a limited partnership with CV Reit as the general partner. The company will either issue stock or partnership units in exchange for interests in real estate. The principal of the acquired management company will be responsible for management of the commercial properties. CONTACT: David Mandy Porter, Le Vay & Rose, Inc. (212) 564-4700 or CV Reit, H. Irwin Levy, 561/640-3100 |
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