SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): December 30, 1997
Aegis Realty, Inc.
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(Exact Name of Registrant as Specified in Charter)
Maryland
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(State or other Jurisdiction of Incorporation)
1-13239 13-3967879
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(Commission File Number) (IRS Employer Identification Number)
625 Madison Avenue, New York, NY 10022
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (212) 421-5333
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
A. Bank Boston Credit Facility
On December 30, 1997, Aegis Realty Operating Partnership, L.P., the operating
partnership of which Aegis Realty, Inc. is the sole general partner
(collectively "Aegis") entered into a $40 million senior secured revolving
credit facility ("the Facility") with BankBoston, N.A. ("BankBoston"). The
interest rate for the Facility will float 1/2% under BankBoston's base rate
until January 2, 1998 and then will be fixed, initially for a 30 day period at
1.625% over the indicated Euro-contract rate percentage. The Facility has a
three year term and also has an option to increase the Facility amount beyond
the initial $40 million.
The Facility is secured by (i) first mortgages on 12 of the 14 retail properties
owned by Aegis; (ii) an assignment of and first lien security interest in the 3
FHA co-insured mortgages held by Aegis and; (iii) a garden apartment complex in
which Aegis has a limited partnership interest.
B. The Market Place
On December 31, 1997, Aegis purchased The Market Place, a 125,095 square foot
neighborhood shopping center in Newton, North Carolina for $5,400,000 from WHMBL
Real Estate Limited Partnership. Aegis financed the acquisition entirely from
borrowings under the Facility.
The Market Place, which is currently 76.8% leased, is anchored by Bi-Lo
Supermarket, Big Lots and Duo Drugs. The center, which was completed in 1989, is
located 4 miles from Hickory, North Carolina the 4th largest metropolitan
statistic area in the state. The Market Place will be managed by RCC Property
Advisors ("RCCPA"), an affiliate of Related Aegis LP, the advisor to Aegis.
C. Birdneck Center
On December 31, 1997, Aegis purchased Birdneck Center, a 67,060 square foot
neighborhood shopping center in Virginia Beach, Virginia for $3,115,000 from
Peoples Southwest Real Estate Limited Partnership. Aegis financed the
acquisition entirely from borrowings under the Facility.
Birdneck is currently 98% leased and has two developable out-parcels. Birdneck,
originally built in 1987, is anchored by Food Lion and Revco. The center,
located 1 1/4 miles west of the Virginia Beach oceanfront resort, will also be
managed by RCCPA.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a). Financial Statements
Not Applicable
(b). Pro Forma Financial Information
Not Applicable
(c). Exhibits
99.1 December 29, 1997 Press Release "Aegis Realty, Inc. Announces
Agreement to Purchase Two Neighborhood Shopping Centers"
99.2 Revolving Credit Agreement dated as of December 29, 1997 by and
between Aegis Realty Operating Partnership, L.P., as Borrower and
BankBoston, N.A., for itself and as Agent.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Aegis Realty, Inc.
(Registrant)
BY: /s/ Stuart J. Boesky
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Stuart J. Boesky
President
January 7, 1998
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