July 21, 2005
New Plan Excel Realty Trust, Inc. announces agreement to sell 69 community and neighborhood shopping centers to Galileo America LLC for approximately $968 million.
On July 19, Willkie client New Plan Excel Realty Trust, Inc. announced that it has entered into a definitive agreement to sell 69 community and neighborhood shopping centers to Galileo America LLC for approximately $968 million. As part of the transaction, New Plan is also acquiring a 5% interest in Galileo, as well as the right to provide property management and leasing services with respect to all of Galileo's properties. New Plan, one of the nation’s largest real estate companies, focuses on the ownership and management of community and neighborhood shopping centers. The company operates as a self-administered and self-managed REIT, with a national portfolio of more than 400 properties (including properties held through joint ventures) located across 36 states and total assets of approximately $3.9 billion. As reported in the July 21 Daily Deal, the transaction was handled by Willkie partners Douglas Ulene, Robert Stebbins, Eugene Pinover and Henry Cohn.
