BOSTON, Aug. 20 /PRNewswire-FirstCall/ -- Winthrop Realty Trust today announced that it has acquired through a venture with Sealy & Company Inc. a six building office-flex campus containing 469,667 square feet in Northwest Atlanta, Georgia. The campus is both similar to and adjacent with the twelve building 471,871 square foot office-flex campus previously acquired in a venture with Sealy & Company in Northwest Atlanta, Georgia. The purchase price for the property was $47,000,000, inclusive of assumed debt but exclusive of acquired cash reserves. The venture assumed an existing $37,000,000, 6.12% first mortgage loan encumbering the property which matures in November 2016. The property is presently 88% occupied and will be jointly owned and managed with its sister venture. Pursuant to the terms of the venture agreement, Sealy oversees the day-to-day operations of the joint venture. The new venture is projected to yield an initial approximate return of 11% to Winthrop's equity investment. Winthrop's initial percentage ownership in the new venture is 68%.
Winthrop Realty Trust is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts. Additional information on Winthrop Realty Trust is available on its Web site at http://www.winthropreit.com/.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risk and uncertainties that may individually or collectively impact the matters herein described. These are detailed from time to time in the "Risk Factors" section of the Company's Annual Report of Form 10-K/A for the year ended December 31, 2007, as may be updated or supplemented in the company's Form 10-Q filings which discuss the factors that could adversely affect the Company's results. Further information relating to the Company's financial position, results of operations, and investor information is also contained in the Company's reports filed with the SE, which reports are available for download at our website http://www.winthropreit.com/ or at the SEC website http://www.sec.gov/.
