Philips International Realty Moves Forward on Liquidation

NEW YORK CITY-Philips International Realty Corp. has completed distribution of its interest in four shopping centers located in Hialeah, FL and the sale of its interest in a redevelopment site, all for approximately $124 million, to certain limited holders in the operating partnership of the REIT. The transaction redeemed the entire interest of those holders in the partnership, which includes Philip Pilevsky, chairman and CEO of the company.

The sale of another redevelopment site to the holders is expected to close by the end of the year. That deal is valued at about $7 million. In addition, the firm has completed transfer of eight properties to the Kimco Income real estate investment trust for approximately $137 million.

On Oct. 16, Philips’ stockholders approved a plan to liquidate the firm. An initial distribution of $13 per share will be payable on Dec. 22. The record date is Dec. 15, but investors must retain ownership of their shares until that date to qualify for the payout. Beginning Dec. 13, the firm’s stock will be traded on the New York Stock Exchange with due bills entitling the owner of the stock to the payment. After Dec. 22, the stock will be traded ex-dividend.

Philips had owned and held interests in about 30 neighborhood and community shopping centers located mainly in New York and Florida. Its remaining seven assets are up for sale.