Retail Value Inc. Announces Completion of Spin-Off From DDR Corp.
SAN JUAN – Retail Value Inc. announced Monday that it has completed its spin-off from DDR Corp. and is now an independent, publicly traded company that will begin “regular-way trading today on the New York Stock Exchange…under the ticker symbol ‘RVI’.”
The shopping center real estate investment trust has 36 stateside assets and 12 of DDR’s previously owned Puerto Rico assets.
It’s largest shopping centers in Puerto Rico are Plaza Del Sol, Plaza Río Hondo and Plaza del Norte.
DDR shareholders received one RVI common share for every 10 common shares of DDR held as of June 26. “Fractional shares of RVI were not distributed, and instead DDR common shareholders will receive cash in lieu of any fractional shares that they would otherwise have been entitled to receive in the distribution,” the firm’s release says.
RVI assets had a “combined gross book value of approximately $2.8 billion as of March 31, 2018,” according to the company.