CoreCivic Completes Sale of California Prisons for $1.5B
CoreCivic announced that it completed the sale of its 2,560-bed California City Detention Facility in California City, California and its 1,994-bed Otay Mesa Detention Center in San Diego, California to the United States of America and its assigns, by and through the Department of Homeland Security for an aggregate gross sales price of $1.5B. "We are pleased with the sales of these two mission-critical facilities for the Company's government partner, which demonstrates the value of the Company's underlying real estate portfolio, while reflecting our role as a long-term, flexible solutions provider to government," said Patrick Swindle, CoreCivic's president and CEO. "The sale of these facilities at what we believe is a fair valuation provides the Company with significant balance sheet flexibility and positions us well to grow the Company's businesses and return value to its shareholders, while remaining a dependable partner for government."
