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Strategies & Market Trends : American Realty Trust (ARB)-TCI, IOT, CMETS
ARB 29.03-0.1%Oct 30 4:00 PM EDT
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To: leigh aulper who wrote ()12/19/1997 12:48:00 PM
From: leigh aulper  Read Replies (1) of 24
 
this should help

Transcontinental Realty Investors, Inc. Announces Sale of Republic Towers

DALLAS, Dec. 18 /PRNewswire/ -- Transcontinental Realty Investors, Inc. (NYSE: TCI) today announced the sale of Republic Towers Office Building located in the central business district of Dallas, Texas for a total sales price of $24.0 million. Transcontinental purchased Republic Towers in November 1992 for $8.1 million. The sale is expected to generate a gain of approximately $18.0 million for the fourth quarter of 1997.

Republic Towers consists of three interconnected office buildings with a total of 1.3 million rentable square feet of office space. Low occupancy in these buildings have accounted for substantial operational shortfalls over the past few years, therefore the sale will have an immediate positive effect on both TCI's balance sheet and its funds from operations.

The buyers of the property are a group of investors, which have formed a limited partnership (the "Republic Center, L.P.") to make the purchase. They are expected to place additional capital into the buildings to revitalize and convert many of the floor plans into high-rise apartment units.
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