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CIM eyes $690M from asset sales after majority stockholder gives approval

Office real estate investment trust CIM Commercial Trust is hoping to reap about $690 million from the sale of certain assets after receiving approval from its majority stockholder for the disposals.

The properties included in the sale are 260 Townsend Street, 1333 Broadway, 1901 Harrison Street, 1 Kaiser Plaza, 2100 Franklin Street, 2101 Webster Street, 2353 Webster Street, 830 1st Street and 999 North Capitol Street.

The Dallas-based company recently unveiled plans for a possible recapitalization, aimed at improving the trading volume and liquidity of its common stock, among other things.

CIM Group plans to dissolve CIM REIT, holder of 95% of CIM Commercial's outstanding common stock, and disburse any CIM Commercial common stock it then holds to CIM REIT's 27 institutional partners, in case the recapitalization occurs.