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Sovereign Investment Completes Rite Aid Transactions

The latest transaction was valued at $18.1 million.Princeton’s Sovereign Investment announced Friday the completion of $72.3 million in sale/leaseback transactions for Rite Aid (NYSE: RAD).

The announcement comes at the end of a three-deal, nationwide sale/leaseback partnership between the two companies.

Through the partnership, Sovereign helped facilitate Rite Aid’s store development program by acquiring newly developed assets leased back to Rite Aid under a 20-year, triple net lease. The latest transaction — valued at $18.1 million and involving seven Rite Aid properties — closed in March. Rite Aid shares dropped 2 cents to $4.48 this morning.

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