DRA Advisors LLC announces the sale of its remaining interest in the PL Retail Portfolio
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Thu, 05 Nov 2009 00:16:57 GMT |
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DRA Advisors LLC
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NEW YORK - (Business Wire) DRA Advisors LLC has announced that it has completed the sale of an 85% interest in PL Retail LLC to Kimco Realty Corporation for a price of $825 million. PL Retail LLC is the joint venture entity that owns the remaining 21 shopping centers acquired in the privatization of Price Legacy Corporation in December, 2004. Commenting on the sale, David Luski, Chief Executive Officer of DRA stated: "While we are pleased with both the operating performance of the underlying assets of PL Retail and our relationship with Kimco, the sale is consistent with the anticipated ownership period of these properties and the strategy of our managed Funds. Moreover, at a time in which relatively few properties are trading, our ability to return investor capital from this sale will undoubtedly provide more investment flexibility for many of our investors. Looking forward, we will continue to look to acquire quality shopping centers with value-added upside and the opportunity to expand our relationship with Kimco." About DRA Advisors LLC DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations and insurance companies. Founded in 1986, the firm currently manages $9.6 billion in assets. Additional information about DRA can be found on its website at http://www.draadvisors.com.
DRA Advisors LLC
Paul McEvoy, Jr., 212-652-7462
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