PhilipBe schreef op 1 augustus 2021 23:08:
uit een prospectus van bij de overname in 2018 "PR_Listing_Prospectus_o__20180328"
haal ik het volgende:
The subject is two-story enclosed regional mall with a total gross leasable area (GLA) of 1,128,609
square feet, of which all 1,128,609 square feet are owned. The mall is situated on a 75-acre site. The
anchors include Lord & Taylor, JC Penney, Macy’s and Target. The subject is located at 5065 Main St,
Trumbull, CT. The property is located in Fairfield County, with easy access to and from the Merritt
Parkway. The property consists of approximately 10.422 acres excess land located at 5065 Main Street,
HISTORY OF SUBJECT PROPERTY
Westfield America, Inc., a precursor to Westfield, acquired the subject property in 1977 as the first of
its U.S. mall purchases. Prior to the acquisition, the retail center was known as Trumbull Shopping
Park, but was then renamed to Westfield Trumbull.
The shopping center was initially built in 1962 and has undergone redevelopment in 1982, 1987, 1990,
1992, 2008 and 2010. The redevelopment in 2008 consisted of a two-level 198,000 SF Target to replace a
vacant Macy’s box. The project cost was approximately $14 million.
In November 2010, the center underwent a significant redevelopment to relocate and renovate the
dining commons, as well as updating the appearance of both the interior and exterior of the center.
This project cost approximately $40 million.
There is potential for developments in the future that consist of a new theater, additional
retail/restaurant spaces, as well as a new luxury department store.
Based on our research of applicable public records, private data services, and an interview of the
current owner, the property is not under current agreement or option.
A 47.4% interest was
transferred in 2015 to O’Connor Capital Partners
en ook in dat document:
During the year (2015) , the Group entered into transactions which culminated in a joint venture with O’Connor Capital Partners (O’Connor) in respect of 3 properties in United States. (Group ownership: 52.6%, O’Connor’s ownership 47.4%). As a result, these previously consolidated investments are now equity accounted.
Secured mortgage – Palm Desert 01-Mar-25 US$65.7 mln
Secured mortgage – Trumbull 01-Mar-25 US$80.1 mln
Secured mortgage – Wheaton 01-Mar-25 US$123.4 mln
Per the Co-ownership, Limited Partnership and Property Management Agreements with our joint venture partners, the Group is restricted from exercising control over these interests even though the Group has 55% or 52.6% ownership interest and voting rights. Major decisions require the approval of both the Group and the joint venture partners
and operating and capital budgets must be approved by the Management Committee (both owners have equal representation on this Committee). The Group therefore has joint control over the investments and is treating them as equity accounted interests.
Zal dus wel samen beslist zijn....
Weet wel niet of er nog veel waarde in Palm desert zit, is verleden jaar ook een 30% afgewaardeerd....