High Point's International Home Furnishings Center Building to be Sold
March 2, 2011,
HIGH POINT, N.C.-High Point Market's International Home Furnishings Center building is in agreement to be sold by Bassett Furniture and other shareholders, according to a document filed with the Securities and Exchange Commission. With a purchase price of $275 million, the buyers are identified as an entity called IHFC Acquisition Co.
The filing mentions a confidentiality agreement signed in October by the International Home Furnishings Center Inc., The Related Companies--a partner in World Market Center Las Vegas, L.P. and Bain Capital Partners, LLC.
The filing lists the closing date as later this month, unless parties decide to schedule it for the back half of April. When they close, Bassett will also enter into a new five-year lease at World Market Center in Las Vegas.
With about 47 percent of the shares of the IHFC, Bassett Furniture has previously stated that it was negotiating to sell its shares.