iStar sells Preferred Freezer net lease assets for gain of about $215M
iStar announced that it has entered into a definitive agreement to sell its portfolio of seven cold storage properties leased to Preferred Freezer Services to a third party for a price of $442.5M, including the assumption of $228M of debt by the purchaser. The company currently expects to record a gain of approximately $215M in its financial statements in the quarter in which the sale closes. The transaction is expected to close in the second quarter, subject to the satisfaction of customary closing conditions and lender consent. There can be no assurance that the closing of the transaction will happen in the expected timeframe or at all. iStar intends to use the net sale proceeds for new investments and working capital.