The REITS and Real Estate M&A team advised Cedar Realty Trust (NYSE: CDR) on its definitive agreements for the sale of the company and its assets in a series of related all-cash transactions: the sale of a portfolio of 33 grocery-anchored shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for $840 million; the sale of the Revelry redevelopment project for $34 million; the sale of the Northeast Heights redevelopment project for $46.5 million; and the sale of Cedar and its remaining assets to Wheeler Real Estate Investment Trust, Inc.
The transactions are estimated to generate total net proceeds, after all transaction expenses, of more than $29 per share in cash, which will be distributed to shareholders upon completion. The $29 per share of estimated net proceeds represent a 16.6% premium to Cedar's closing share price on March 2, 2022, and a 70.6% premium to the company's closing share price on September 9, 2021, the last day of trading prior to the announcement of the dual-track review of strategic alternatives.
Cedar is a fully integrated real estate investment trust focused on the ownership, operation, and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston.
The Goodwin team was led by Yoel Kranz, Andy Sucoff, Alex Denniston, Patrick Wilson, Ziqian Tao, Dan Griffith, and Brian Beaulieu.
For more details, read the press release.