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Bloomberg
Washington Real Estate Investment Trust (REIT) is exploring the sale of its retail portfolio, according to people familiar with the matter.
The D.C.-based REIT is working with an adviser, which has contacted potential buyers, said the people, who asked not to be named because the information is private.
The portfolio could fetch roughly $800 million, one of the people said.
The company, with a market value of $2.4 billion, is attempting to exit its retail portfolio at a time when the industry has struggled amid e-commerce disruptions.
Apart from retail, Washington REIT, which is led by Chief Executive Officer Paul T. McDermott, owns real estate in the multifamily and office sectors, both which have recorded faster net income growth than retail.