AT&T has recently completed a national portfolio deal, selling eight outdated utility properties in Miami-Dade County for a total of $43.6 million. The buyer, Reign Capital, acquired all eight sites which span approximately 30 acres.
In addition to the Miami-Dade properties, AT&T also sold 74 “underutilized central office” locations nationwide to Reign Capital and then leased them back. This generated over $850 million in upfront cash proceeds for AT&T and was financed by UMB Bank on behalf of the buyer.
According to AT&T, these central offices were originally constructed to house large copper network equipment that required significant amounts of energy. However, with advancements in technology such as fiber and wireless networks that require less space and energy consumption, these properties have become underutilized.
As part of the agreement with Reign Capital, there are provisions for financial participation in any future redevelopment revenues from these properties. This ensures long-term benefits from potential increases in property value.
The following are the specific Miami-Dade County properties that were included in this deal:
– [List out each property]
Overall,this transaction demonstrates how companies like AT&T can strategically divest their underperforming assets while still maintaining long-term benefits through partnerships with buyers like Reign Capital.
