September 24, 2018 / 7:44 PM / 3 months ago

Washington REIT exploring sale of retail portfolio - Bloomberg

Sept 24 (Reuters) - Washington Real Estate Investment Trust is working with an adviser to sell its retail portfolio, Bloomberg reported on Monday, citing people familiar with the matter.

The adviser has contacted potential buyers for the sale of the portfolio, which could fetch about $800 million, Bloomberg reported here

The possible sale comes during a downturn in the brick-and-mortar retail sector as competition from e-commerce retailers heightens.

Some of the company’s key tenants in the retail segment are Chipotle Mexican Grill Inc, Best Buy Co Inc and popular U.S. grocery chain Trader’s Joe, according to an investor presentation in July.

The company declined to comment on the report.

The REIT had a market capitalization of $2.4 billion as of July 25, according to Reuters data. (Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)

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