Regency Affiliates Inc. and SSCP Property Management LLC acquired portfolio of five self-storage facilities in Harrisburg from PFG Capital, LP for $35 million.
April 19, 2016
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Regency Affiliates Inc. (OTCPK:RAFI) and SSCP Property Management LLC acquired portfolio of five self-storage facilities in Harrisburg from PFG Capital, LP for $35 million on April 20, 2016. Consideration was financed in part with the proceeds of a $25.25 million non-recourse debt financing and the balance of the purchase price was financed by an approximate $11.23 million capital contribution from Regency to SSCP Property Management. Regency also used $5.08 million of subscription proceeds to fund a portion of the capital contribution for the Harrisburg self-storage facility investment. The facilities will be managed by SSCP Property Management which holds a minority joint-venture investment in the facilities. Combined 2015 revenues for the facilities were in excess of $3 million. The projected first year cash return to Regency will be accretive to its cash flow per common share. Richard Schontz, Barbara Guffey and Matthew Weckesser of Holliday Fenoglio Fowler represented PFG.
Regency Affiliates Inc. (OTCPK:RAFI) and SSCP Property Management LLC completed the acquisition of portfolio of five self-storage facilities in Harrisburg from PFG Capital, LP on April 20, 2016.
Regency Affiliates, Inc. invests in assets that generate predictable and sustainable returns on capital. The Companyâs objective is to generate long-term value for its shareholders. Its management seeks sound investment opportunities to meet its business characteristics and valuation criteria. The Company holds a limited partnership interest in Security Land and Development Company Limited Partnership (Security Land), which owns and operates 34.3 acres of land and rental property of approximately 717,000 square feet in Woodlawn, Maryland. Its wholly owned subsidiary is RSS Investments LLC (RSS). RSS acquired majority ownership (80%) of SSCP Harrisburg Holdings, LLC (Harrisburg Holdings). Harrisburg Holdings is the sole member of SSCP Harrisburg Intermediate Holdings, LLC. Through its controlling interest of SSCP Harrisburg Holdings, LLC, it is focused on the ownership, operation, and acquisition of self-storage properties located within the Harrisburg, Pennsylvania area.
Regency Affiliates Inc. and SSCP Property Management LLC acquired portfolio of five self-storage facilities in Harrisburg from PFG Capital, LP for $35 million.
REGENCY AFFILIATES, INC. 