qiguzewy.wordpress.com
The Long Island company announced Thursday that it has sold its remaining sharesto , a pension fund adviser in Feldman, which also managed the mall, made $4.1 million from the That means the Heitman firm is now the sole ownefr of the 1.2 million-square-foot mall. Heitman already had a 75 percenf stake inthe mall, purchased in 2006 for $38 milliobn in cash. At the Heitman also gave Feldman a loan to continue pumping moneyh into the mall as Feldman gave the propertya face-lift and addedr new stores and space. In the end, it cost $110 milliobn to renovate Colonie Center to lure chainx suchas , and a 13-screen Regalo cinema. Feldman paid $82.2 million for Colonire Center inFebruary 2005.
Feldman, in a short statement, said the deal to sell its remaininy stake in the Colonie mall closed onMay 28. Feldmaj says it expects to have a writedown as a resulft ofthe move. The announcement is the latest in a strint of bad developments for In January, a deal to sell three malls The company has also been hurt by the pushing some major tenants to close and file for bankruptcyt protection. Feldman had a net loss of $78.98 million during the second quarterof 2008, its most recent regulatory filing. In that quarter, the company had a $15.4 millio impairment loss on Colonie Center. The company has said it may have to file for bankruptch ifit can’t refinances its debt.
Last summer, the New York Stock Exchangs de-listed Feldman’s stock. Feldman is now tradinhg on thepink sheets/over-the-counter marketr (OTC: FMLP) at 16 cents a share.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment