Equity One Sells Properties

Equity One(EQY Quote) agreed to sell a controlling stake in 30 properties to private equity company Investcorp in a deal that will raise $327 million for the real estate investment trust.

Equity One plans to pay a special dividend of up to $1.50 to common shareholders after the transaction closes, and will use the rest of the money for investment activities and to pay down existing debt.

As part of the sale, Equity One will enter a 15-year agreement to manage and lease the properties. The transaction is subject to the receipt of about $323 in committed financing and should close in the second quarter. It will result in a gain of $92 million to Equity One. ...