Safeway Shares Pop On $830 Million Asset Sale

Shares of Safeway Inc. SWY popped up approximately 1 percent Tuesday afternoon following news that the company has completed the sale of the shopping center and real estate development assets owned by its wholly-owned subsidiary, Property Development Centers, LLC, to Terramar Retail Centers, LLC.

According to the company’s press release, Terramar has acquired the PDC assets, and has assumed certain liabilities, for a purchase price of approximately $830 million, subject to adjustment for customary prorations, an escrow holdback and other adjustments.

The estimated total cash payment to Safeway stockholders for PDC is $2.45 per share, of which $2.38 is estimated to be paid at the closing of the pending merger between Safeway and Albertsons.

Safeway recently traded at $35.05, up 0.83 percent.