InvenTrust Spins Off Non-Core AssetsBy
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Price Plaza, a recent acquisition by InvenTrust in Katy, TX, a Houston suburb
OAK BROOK, IL—InvenTrust Properties Corp. said Wednesday that it will spin off what it calls “non-core” assets through the pro rata distribution of 100% of the outstanding shares of common stock of Highlands REIT, Inc. a wholly-owned subsidiary that InvenTrust formed to hold its “non-core” assets. Richard Vance, currently an InvenTrust senior vice president who manages the company’s “non-core” portfolio, will lead Highlands as its president and chief executive officer.
“We are pleased to announce the disposition of our remaining ‘non-core’ assets in a manner that is expected to maximize the value of these assets,” says Thomas McGuinness, president and chief executive officer of InvenTrust. “Through this spin-off, we expect Highlands will be better-positioned to provide stockholders with a return of their investment by liquidating and distributing net proceeds from the disposition of their assets in a more efficient manner.”…
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