Occidental, Howard Hughes Strike $565 Million Real Estate Deal

Date : 12/30/2019 @ 10:05PM
Source : Dow Jones News
Stock : Occidental Petroleum Corporation (OXY)
Quote : 13.0  0.23 (1.80%) @ 12:59AM
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Occidental, Howard Hughes Strike $565 Million Real Estate Deal

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   By Micah Maidenberg 
 

Occidental Petroleum Corp. (OXY) has sold off major real-estate holdings in the Houston area just a few months after the energy producer completed its acquisition of Anadarko Petroleum.

Occidental has sold property in the Woodlands development north of Houston and a 63-acre campus in west Houston to Howard Hughes Corp. (HHC), the companies said Monday. The transaction is worth $565 million.

The sale "is part of our plan to divest non-core assets and continue to improve the strength of our balance sheet," Occidental Chief Executive Vicki Hollub said in a statement.

Howard Hughes said the deal increases its office portfolio within the Woodlands by about 50%. It also includes 9.3 acres of land the company can develop as well as a warehouse.

Occidental will lease back all of an 808,000-square-foot tower in the Woodlands from Howard Hughes as well as the warehouse, the companies said.

Howard Hughes plans to market for sale the 63-acre campus, which includes 17 office buildings. That move, according to the company, is "in line with its commitment to sell non-core properties and to focus resources into the growth of its core business" of master-planned communities, like the Woodlands.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

December 30, 2019 16:50 ET (21:50 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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