Equity One to Sell Three SC Shopping Centers


Equity One Inc. entered into an agreement to sell 36 shopping centers for $473.1 million to Blackstone Real Estate Partners VII.

Three shopping centers are located in South Carolina with two in Bluffton and one in Greenville. In Bluffton, the shopping centers sold are the Belfair Towne Village and Belfair II where Kroger and Stein Mart are the anchor tenants. The Milestone Plaza, in Greenville, also will, be sold in the deal.

Equity One intends to use the proceeds from the sale to reduce debt, fund its redevelopment pipeline and use it in future acquisitions. Closing is expected to occur in the fourth quarter of 2011.

Equity One estimates the transaction will result in a net impairment loss of approximately $32 million to $36 million in the third quarter of 2011, which includes about $17 million related to unamortized debt discount costs on mortgages to be assumed by the buyer.

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