Financial services
A new investor group, including David Rockefeller, has offered to pay $296.5 million for all the shares of Rockefeller Center Properties Inc., the real estate investment trust poised to take ownership of the iconic landmark. The proposal includes an all-cash offer and would assume about $800 million of the
Real estate investment trusts
Rockefeller Center Properties, Inc. (RCPI), a mortgage real estate investment trust, has signed a letter of intent with Equity Office Holdings, L.L.C., a national office building investment and management company led by Samuel Zell, to secure a $250 million investment for a recapitalization and deleveraging of RCPI. The
Real estate investment trusts
Landsing Pacific Fund, Inc. recently announced its second quarter financial results, marking a notable shift in the company's performance compared to the same quarter in 1994. Despite a net loss of $2,592,000, down from $7,499,000 in 1994, the Fund has made significant strides in
Real estate investment trusts
Daniel M. Neidich, a partner at Goldman, Sachs & Company, has resigned from the board of Rockefeller Center Properties Inc., citing concerns over potential conflicts of interest and fiduciary obligations. Neidich's resignation comes as negotiations towards a sale of the property heat up, with various parties seeking to
Real estate investment trusts
Developers Diversified Realty Corporation, a self-administered and self-managed Real Estate Investment Trust, has announced its second quarter financial results, which exceeded expectations. The company's Funds From Operations (FFO) grew by 32.3% to $12.3 million, or $0.65 per share, a significant increase from the same period
Real estate investment trusts
National Golf Properties, a leading real estate investment trust specializing in golf course properties, has expanded its portfolio with the acquisition of Palm Valley and Monterey Country Clubs in Palm Desert, California. This acquisition marks the eighth golf course purchase for National Golf Properties in 1995, representing an aggregate investment
Real estate investment trusts
Sears, Roebuck and Co. has completed the sale of its Homart Development Co. unit, a major real estate transaction that generates $2.3 billion in gross proceeds. The move marks a significant step in the company's repositioning strategy, which began in November 1994. The transaction eliminates approximately $1.
Real estate investment trusts
Winston Hotels, Inc. announced record results for the second quarter and first six months ended June 30, 1995. The company's funds from operations (FFO) increased 87% to $3.4 million for the second quarter, compared to pro forma FFO of $1.8 million for the same quarter in
Real estate investment trusts
Starwood Lodging Trust and its management company, Starwood Lodging Corp., have completed the acquisition of the 462-room Sheraton Colony Square hotel in Atlanta, Georgia, for $34 million in cash. This acquisition marks the first hotel property purchase by the Trust since its recent offering in July 1995, which raised approximately
Real estate investment trusts
Omega Healthcare Investors, Inc. today announced record results for the second quarter ended June 30, 1995, with significant improvements in total assets, revenues, net earnings, and funds from operations. The company's focus on the long-term care industry has yielded impressive results, with its portfolio consisting of 181 health
Real estate investment trusts
Omega Healthcare Investors, Inc., a Real Estate Investment Trust specializing in the long-term care industry, has finalized a new unsecured credit agreement for a $100 million revolving acquisition line of credit facility. This strategic move provides the company with enhanced flexibility in investing and financing, while reducing its temporary financing
Real estate investment trusts
The owners of the iconic Rockefeller Center, a 14-acre complex of Art Deco skyscrapers in New York City, have sought bankruptcy protection due to the prolonged real estate slump in Manhattan. The recession in the New York real estate market has led to steep rental losses, causing significant financial distress
