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Prime Retail sale completed

December 12, 2003|by ANDREW SCHOTZ

The sale of Prime Retail - which owns a portion of Prime Outlets at Hagerstown - has been completed.

Thirty percent of Prime Retail was sold to Prime Outlets Acquisition Co. LLC - an affiliate of The Lightstone Group, a real estate group - for approximately $625.5 million.

The companies announced Thursday that the deal was final.

Prime Retail shareholders approved the transaction on Nov. 18.

The terms of the sale include The Lightstone Group taking on $510 million of debt and Prime Retail stockholders and unit holders receiving $115.5 million.

Prime Retail owns 30 percent of Prime Outlets at Hagerstown. A partnership of Prime Retail and Estein & Associates USA Ltd. owns the remaining 70 percent.

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After acquiring Prime Retail and its 10.2 million square feet of space, The Lightstone Group now has 19.3 million feet of office, retail and industrial space, plus 16,000 apartment units in the United States and Puerto Rico.

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