DuPont has sold its hotel parking ramp and surface spaces to the largest developer in downtown.
“DuPont signed an agreement to sell the Hotel duPont Carpark to Wilmington-based Buccini/Pollin Group,” DuPont spokesman Dan Turner wrote in an email message. “The carpark properties include a parking structure and two surface parking lots. The transaction closed on March 31, 2015. Terms of the agreement are confidential.”
“DuPont continually reviews its portfolio of assets to determine ways to increase shareholder value,” Turner wrote. “We are open to divesting assets if appropriate value can be received for shareholders. This agreement represents a strategic and mutually beneficial business decision for DuPont and the Buccini/Pollin Group.”
The lot includes hotel parking , valet parking and monthly parking.
Buccini/Pollin has purchased and redeveloped the former DuPont Nemours and Brandywine buildings in downtown. The company is also active in redeveloping other buildings in downtown, often for use as apartments.
DuPont recently turned over the operations of the duPont Theatre to the Grand Opera House.
The parking structure sale is likely to spur speculation on the sale and or/lease of the historic Hotel duPont and the DuPont Country Club.DuPont recently turned over the operations of the duPont Theatre to the Grand Opera House. The theater is in the hotel-headquarters complex.
Trian Management and its principal Nelson Peltz have criticized the company for its non-core interests, with CEO Ellen Kullman stating that the holdings are not a a drain on the company.
DuPont is swapping headquarters space with spin-off Chemours, which will move to the DuPont building. In May, DuPont will move its headquarters to the Chestnut Run complex outside the city.
