ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Horizon Group Properties Completes Deed-In-Lieu of Foreclosure Transaction

September 16, 2021 GMT

ROSEMONT, Ill.--(BUSINESS WIRE)--Sep 16, 2021--

Horizon Group Properties, Inc. (OTC: HGPI.PK) today announced that it had completed a deed-in-lieu of foreclosure transaction involving The Outlet Shoppes at Burlington (Washington), The Outlet Shoppes at Fremont (Indiana) and The Outlet Shoppes at Oshkosh (Wisconsin). The three properties were collateral for a single non-recourse loan. The Company received a covenant not to sue from the lender as part of the transaction. The Company will report a gain of approximately $14 million in connection with the transaction.

About Horizon Group Properties

Based in Rosemont, IL, Horizon Group Properties, Inc. (OTC:HGPI.PK) is an owner and developer of outlet shopping centers in the U.S., and developer of a master planned community in suburban Chicago. Additional information can be found at www.horizongroup.com.

ADVERTISEMENT

View source version on businesswire.com:https://www.businesswire.com/news/home/20210916005843/en/

CONTACT: Connie Dyer

SVP, Marketing

(847) 653-6466

cdyer@horizongroup.com

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING

SOURCE: Horizon Group Properties, Inc.

Copyright Business Wire 2021.

PUB: 09/16/2021 03:36 PM/DISC: 09/16/2021 03:36 PM

http://www.businesswire.com/news/home/20210916005843/en