Business Wire | Aug 27, 2021 05:01PM EDT

Retail Value Inc. Announces Sale of Puerto Rico Portfolio

Aug. 27, 2021

BEACHWOOD, Ohio--(BUSINESS WIRE)--Aug. 27, 2021--On August 27, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of the Company's 9 remaining properties in Puerto Rico for $550 million prior to closing costs, prorations and other closing adjustments. Subsequent to the transaction, RVI owns interests in 8 properties located in the continental U.S.

Net proceeds received at closing were approximately $539 million, a portion of which were used to fully repay the outstanding balance of the Company's mortgage loan. Immediately prior to closing, the outstanding principal balance of the mortgage loan was approximately $214.5 million.

RVI Puerto Rico Sale Properties

Owned GLA City (000's) Property Name

Plaza Isabela Isabela 259

Plaza Fajardo Fajardo 274

Plaza Walmart Guayama 164

Plaza del Atl?ntico Arecibo 223

Plaza del Sol Bayamon 598

Plaza R?o Hondo Bayamon 556

Plaza Escorial Carolina 525

Plaza Cayey Cayey 313

Plaza del Norte Hatillo 626

Goldman Sachs & Co. LLC acted as a financial advisor to RVI in connection with this transaction.

About RVI

RVI is an independent publicly traded company trading under the ticker symbol "RVI" on the New York Stock Exchange. RVI holds assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.

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CONTACT: Christa Vesy, EVP and Chief Financial Officer 216-755-5500