September 9, 2003
Willkie client Warburg, Pincus Equity Partners, L.P. and affiliated entities enter into purchase agreement to sell their $113.5 million investment in Price Legacy Corp., a San Diego-based shopping mall owner and REIT.
On September 9, it was announced that Willkie client Warburg, Pincus Equity Partners, L.P. and affiliated entities entered into a purchase agreement to sell their $113.5 million investment in Price Legacy Corp., a San Diego-based shopping mall owner and REIT. The agreement with the Price Group LLC, a significant stockholder of Price Legacy, provides for the sale of all Price Legacy securities held by Warburg Pincus. The Price Group has informed the company that it does not intend to be the purchaser of the securities, but rather intends to assign the contractual right to purchase the securities to third parties in accordance with ownership caps in the company’s REIT charter. The September 11 issue of The Daily Deal reports that Willkie partner Steven Seidman served as counsel to Warburg on the deal, which is slated to close on January 5, 2004.
