OAK BROOK, Ill., Sept. 18 /PRNewswire-FirstCall/ -- Banyan Strategic
Realty Trust (OTC Bulletin Board: BSRTS) announced today that it has entered
into an amendment with the proposed purchaser of Banyan's ground lease
interest in the Northlake Tower Festival Mall (suburban Atlanta, Georgia)
extending the closing date from September 17, 2002 to September 24, 2002. The
extension was necessitated by, among other things, the fact that the purchaser
had not yet obtained all of the approvals of the required rating agencies
necessary for closing. In addition, formal consent to the transaction has not
yet been received from the owner of the land upon which the shopping center is
situated. Rating agency approval is required for the Purchaser's assumption of
the first mortgage debt that encumbers the property, and the land owner's
consent is required by the applicable ground lease.
Banyan indicated that both it and the purchaser intend to work together to
accomplish the remaining steps to complete the closing within the next few
days, but that a one week extension was agreed upon in order to allow ample
time. If the rating agency approvals are not received, or other conditions
precedent to closing are not satisfied, the purchaser may terminate the
contract without penalty.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that adopted a Plan of Termination and Liquidation on January 5, 2001.
On May 17, 2001, the Trust sold approximately 85% of its portfolio in a single
transaction. Other properties were sold on April 1, 2002 and May 1, 2002.
Banyan now owns a leasehold interest in one (1) real estate property located
in Atlanta, Georgia, representing approximately 9% of its original portfolio.
This property is subject to a contract of sale, currently scheduled to close
on September 24, 2002. Since adopting the Plan of Termination and
Liquidation, Banyan has made liquidating distributions totaling $5.45 per
share. As of this date, the Trust has 15,496,806 shares of beneficial interest
outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties such as the sale of the Trust's
remaining property, the amount of the remaining liquidating distributions, the
outcome of pending litigation and other risks and uncertainties that are
detailed from time to time in the Trust's reports filed with the Securities
and Exchange Commission, including the report on Form 10-K for the year ended
December 31, 2001 which was filed with the Securities and Exchange Commission
on March 21, 2002. Please see also the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" section which was included
in our Form 10-Q for the quarter ended June 30, 2002 which was filed with the
Securities and Exchange Commission on August 9, 2002. Without limitation, the
foregoing words such as "anticipates", "expects", "intends", "plans", and
similar expressions are intended to identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com .
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, First Vice President,
General Counsel, of Banyan Strategic Realty Trust,
+1-630-218-7255, bhiggins@banyanreit.com , or Investor Relations,
L.G. Schafran - Chairman and Interim CEO/President,
+1-630-218-7250, ir@banyanreit.com
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