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They sell Plaza del Sol, Río Hondo and other malls for more than $500 million

They sell Plaza del Sol, Río Hondo and other malls for more than $500 million

Retail Value, Inc. (RVI) Plaza del Sol, Río Hondo, Plaza Escorial and six other shopping malls on the island opposite 550 million dollars for Kildare Acquisitions Corporation.

Purchase Agreement, as shown in Securities and Exchange Commission (SEC), the real estate company, has transferred all of its assets on the island totaling approximately 3.5 million square feet.

RVI’s portfolio of properties includes shopping malls Plaza del Sol and Río Hondo in Bayamón, Plaza Escorial in Carolina, Plaza del Atlántico in Arecibo, Plaza Cayey, Plaza Fajardo, Plaza Walmart in Guayama, Plaza del Norte in Hatillo and Plaza Isabella.

The sale is expected to end at the end of the third quarter of this year. The transaction also required a deposit of approximately $15 million from Kildare to a settlement escrow agent, which is non-refundable.

Also, according to the sale document, RVI expected that it will use a portion of the $550 million to repay the mortgage loan for these properties, which totals about approx. $214.5 million.

In April, RVI also sold Plaza Vega Baja for $4.5 million. While in June, the company sold the El Señorial Plaza shopping center, located in Rio Piedras, for $20.4 million.

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