Liberty Media Eyeing Possible Sale Of Battery Atlanta Amid Pandemic
The ongoing pandemic has put Braves Owner Liberty Media in a "tough financial spot and it may have to make a difficult decision about selling off one of its most valuable assets in a buyer's market" -- the Battery Atlanta mixed-use development adjacent to Truist Park, according to Eric Jackson of the ATLANTA BUSINESS CHRONICLE. Liberty Media CEO Greg Maffei on an Aug. 10 earnings call said, "Depending on where we stand, and what kind of valuation we would get, we might or might not try and liquidate some of the Battery portfolio." Jackson notes commercial real estate "continues to be severely impacted by the health crisis as retailers and restaurants vacate their spaces nationwide." The Braves made a "pioneering move seven years ago to get into the real estate business." The viability of the investment "seemed promising during good economic times, but the virus has left a financial toll that could be long-lasting." However, the Braves "aren't slowing down the growth of the Battery despite the pandemic." Liberty Media reports that the team's development arm, BDC, "remains on budget and on pace with upcoming projects" (BIZJOURNALS.com, 8/14).