SITE Centers Announces Sale of Partnership Interests

Key Terms

joint venture financial

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- SITE Centers Corp. (NYSE: SITC) announced today the sale of its partnership interests in the RVIP IIIB joint venture that owns Deer Park Town Center (Deer Park, IL) to the Company’s existing joint venture partner for approximately $20.8 million, prior to closing costs.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

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For additional information:
Gerald Morgan, EVP and
Chief Financial Officer
216-755-5500

Source: SITE Centers Corp.