Safeway Completes $830 Million Real Estate Sale to Terramar Retail Centers
PLEASANTON, CA – In its quest to gain regulatory approval for its pending merger with Albertsons, Safeway has completed the sale of roughly $830 million in real estate owned by its wholly-owned subsidiary, Property Development Centers (PDC), to Terramar Retail Centers.
According to a press release, the estimated total cash payment to Safeway stockholders for PDC is $2.45/share. $2.38 of this amount is estimated to be paid at the close of the merger. Contingent on approval from federal regulators, this deal is expected to close in January 2015.
In order to gain regulatory approval for this move, Safeway and Albertsons have launched a flurry of deals over the past month. The largest of these headlines was the retailers' 168 store sale to Associated Food Stores, Associated Wholesale Grocers, SUPERVALU and Haggen. This sale catapulted Haggen into the retail spotlight, expanding the company's store base from less than 20 stores to 164.
Stay tuned to AndNowUKnow for more updates on Safeway and the North American retail game.
