Winthrop Realty Trust Enters Into Venture to Redevelop Times Square New York Property
16 Ottobre 2012 - 11:10PM
Winthrop Realty Trust (NYSE:FUR) announced today that it has
entered into a venture with The Witkoff Group and New Valley LLC
(the "JV") to acquire and redevelop the property located at 701
Seventh Avenue, New York, New York, which is the northeast corner
of 7th Avenue and 47th Street in the Times Square submarket of New
York City. The proposed redevelopment will include an expansion of
the retail space to approximately 80,000 square feet, installing an
approximately 22,000 square foot state of the art LED sign,
and potential development of a hotel. Winthrop has committed
to invest up to $68.0 million on a preferred equity basis with an
initial contribution of approximately $29.0 million.
In addition, Winthrop recently (i) acquired for $20.7 million
four B-Notes with an aggregate principal balance of $25.7 million,
secured by two office buildings in Burbank, California and two
retail properties in Hawaii; (ii) received payment in full on its
$30.0 million first mortgage loan secured by a 326,000 square foot
commercial building located in Ft. Lauderdale, Florida resulting in
a 22% return to Winthrop; and (iii) received payment in full on its
$15.6 million B Participation in a $70.0 million mortgage loan
secured by multiple properties in Riverside, California resulting
in a 12% return to Winthrop.
About Winthrop Realty Trust
Winthrop Realty Trust, headquartered in Boston, Massachusetts,
is a NYSE-listed real estate investment trust (REIT) focused on
acquiring, owning, operating and investing in real property as well
as real estate financial instruments including CMBS, bonds, REIT
preferred and common stock. For more information, please visit
our web-site at www.winthropreit.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995. With the exception of the historical
information contained in this news release, the matters described
herein contain "forward-looking" statements that involve risk and
uncertainties that may individually or collectively impact the
matters herein described. These are detailed from time to time
in the "Risk Factors" section of the Company's SEC
reports. Further information relating to the Company's
financial position, results of operations, and investor information
is contained in the Company's annual and quarterly reports filed
with the SEC and available for download at its website
www.winthropreit.com or at the SEC website www.sec.gov.
CONTACT: Winthrop Realty Trust
Beverly Bergman
Investor or Media Inquiries
Phone: (617) 570-4614; e-mail: bbergman@firstwinthrop.com
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