Maguire Properties Inc. (MPG), a leading real estate investment trust (REIT), recently sold Lantana Media Entertainment Campus, a 463,000 square feet studio production and creative office property in Santa Monica, California, to reduce debt. The property was sold to an affiliate of Lionstone Group, a Houston-based private real estate investment firm for more than $200 million.

Lantana Media Entertainment Campus is one of the largest entertainment properties in the U.S., and is currently home to entertainment industry heavyweights such as IMAX Corporation, NBC Universal Television, Dick Clark Productions and Revolution Studios.

The asset sale was part of the continued efforts by Maguire Properties to raise cash to reduce debt and improve liquidity. In addition, the company also sold an office property to an affiliate of The Recording Academy, which is internationally recognized for the GRAMMY Awards.

The cash proceeds from the two asset sale transactions were utilized to reduce debt by $176 million, and provided an additional $19 million after repayment of the loans. Maguire Properties’ debt burden stemmed primarily from its acquisition binge. In 2007, the company bought $2.875 billion of assets at the peak of the real estate bubble. The acquisition put Maguire Properties heavily in debt, and it is now trying to offload properties to reduce debt.

Zacks Investment Research

1. (HIW) Highwoods Properties Secures New Credit FacilityHighwoods Properties Inc. (HIW), a leading real estate investment trust (REIT), recently obtained a new...
2. (BXP) Boston Properties Reports Strong Third QuarterBoston Properties (BXP) reported strong third quarter results with FFO (funds from operations) of $158.5...
3. (BXP) Boston Properties Reduces Debt by Selling NotesBoston Properties Inc. (BXP), a real estate investment trust (REIT), has recently raised net proceeds...
4. (JOE) St. Joe Company Sells Perico Island AssetThe St. Joe Company (JOE), a publicly held operationally diverse real estate company, has recently...
5. (BXP) Boston Properties Gets Pressure for RenegingReal estate investment trust Boston Properties Inc. (BXP) is facing severe criticism from the public...
6. (VNO) Vornado Realty Trust Sells Property in Washinton DCVornado Realty Trust (VNO), a leading real estate investment trust (REIT), recently announced the sale...

Search Posts by Tag: Maguire Properties Inc. | MPG | Financial | REIT - Office

RSS Feeds by Tag: Maguire Properties Inc. | MPG | Financial | REIT - Office |

Other Posts by: vitalstocks | RSS Feed for this author