Winthrop Realty (FUR) Divests North Carolina Assets
Winthrop Realty Trust FUR has made the announcement of selling its Greensboro, NC-based 284 unit multi-family property. The property which is also known as Lake Brandt Apartments was sold by the Boston, MA-based real estate investment trust (“REIT”) for a gross price of $20 million.
Winthrop Realty is engaged in making investments in the real estate markets of the U.S. The company owns and operates real estate assets through ownership of assets, loans secured by real property and equity and debt securities of other real estate firms.
In fact, in Aug 2014, Winthrop Realty’s shareholders proposed a plan to liquidate the company in order to enhance the value of the shareholders. In line with this strategy, the company is gradually winding down and liquidating through the gradual sale of its properties.
Notably, net proceeds generated from this divestiture were around $6.3 million which is in sync with the liquidation value of the property.
Top-ranked stocks in the REIT space include Brookfield Canada Office Properties BOXC, Whitestone REIT WSR and Gaming and Leisure Properties, Inc GLPI. While Brookfield Canada Office Properties sports a Zacks Rank #1 (Strong Buy), both Whitestone REIT and Gaming and Leisure Properties carry a Zacks Rank #2 (Buy).
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