Business News • PR NewsWire • Horizon Group Properties Sells Minority Interests in Outlet Centers |
Horizon Group Properties Sells Minority Interests in Outlet Centers |
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Horizon Group Properties Sells Minority Interests in Outlet Centers
NORTON SHORES, Mich., Jan. 8 /PRNewswire-FirstCall/ -- Horizon Group Properties, Inc. (Pink Sheets: HGPI), announced today that it has sold minority interests in the entities that own five of its outlet centers to Bright Horizons of South Florida, LLC ("Bright Horizons"). The centers subject to the transaction are located in Burlington, Washington, El Paso, Texas, Fremont, Indiana, Gettysburg, Pennsylvania and Oshkosh, Wisconsin. Bright Horizons acquired a 22.5% interest in the entities that own the outlet centers (excluding the entity that owns the center in El Paso, in which it acquired a 19.6% preferred interest and a 17.8% common interest). The total price for the acquired ownerships interests was $1.35 million.
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