You are here
LANDOVER, Md. - In the aftermath of an accounting scandal that has rocked its Netherlands-based corporate parent, Ahold NV, Giant Food LLC, has sold a package of seven premier strip shopping centers, each anchored by a Giant supermarket, to Edens & Avant for an undisclosed price.
The move follows Ahold's recent moves to pare non-core and non-U.S.-based assets to pay down debt after major accounting irregularities were discovered at its Columbia, Md. Subsidiary, U.S. Foodservice.
The Giant-anchored shopping centers were the first Ahold assets sold in the U.S. since the accounting troubles surfaced in February.
A spokesman for Giant told The Baltimore Sun that the sale of shopping centers, totaling 653,000 square feet, were part of a longtime strategy by Giant.
GFS Realty, Giant's real estate development arm, sold the centers, all in the Washington metro area, to Columbia, S.C.,-based Edens & Avant, the nation's largest privately held owner of grocery-anchored shopping centers.
The sale of the centers -- three in Maryland and four in Northern Virginia -- leaves Giant with 25 centers it has developed and owns, the spokesman said.