Kamehameha Schools to sell Royal Hawaiian Center
Updated On: Oct 22 2013 06:23:40 PM HST
Kamehameha Schools announced at a press conference Tuesday that it is intending to sell the buildings at the Royal Hawaiian Center in Waikiki while retaining ownership of the underlying lands.
The estate says the sale will boost its endowment and further its educational mission.
The 322,000-square-foot shopping center spans three blocks on Kalakaua Avenue.
Its current restaurants and shops will continue their leases while they search for a buyer. The trust would not discuss pricing details of the buildings, but emphasized the land is not for sale.
"How do we optimize our portfolio and manage risk? You can imagine why the land is so important and so is this center," said Dee Jay Mailer, Kamehameha Schools CEO.
Mailer says there are no plans to redevelop the area and there's a leasehold interest, meaning the land will be leased to whomever purchases the buildings.
In 2005, the shopping center underwent years of extensive renovations which totaled more than $100 million.
The school's endowment stood at $9.2 billion as of the last fiscal year
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