CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) and affiliates of High
Real Estate Group LLC, its 50/50 partner, today announced that it closed
on the assignment of 100% of the partnership ownership interest in High
Pointe Commons in Harrisburg, PA to Unison Realty Partners. High Pointe
Commons is a 355,000-square-foot community center anchored by Target and
JCPenney. The partnership received total consideration of $33.8 million.
Proceeds from the transaction were used to retire existing secured loans
aggregating $17.4 million with CBL’s share of net proceeds used to
reduce outstanding balances on the Company’s lines of credit.
“This transaction is the latest example of our ability to
raise attractively priced capital through dispositions of high-quality
community centers,” said Stephen D. Lebovitz, president & CEO. “The
excess proceeds from these asset sales furthers our progress reducing
leverage, improving our credit metrics and strengthening our balance
sheet.”
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, CBL is one of the largest and most
active owners and developers of malls and shopping centers in the United
States. CBL owns, holds interests in or manages 144 properties,
including 89 regional malls/open-air centers. The properties are located
in 31 states and total 82.6 million square feet including 8.6 million
square feet of non-owned shopping centers managed for third parties.
Additional information can be found at cblproperties.com.
Forward-Looking Statements
Information included herein contains “forward-looking statements”
within the meaning of the federal securities laws.Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated.Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements.The reader is directed to the
Company’s various filings with the Securities and Exchange Commission,
including without limitation the Company’s Annual Report on Form 10-K
and the “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” included therein, for a discussion of such risks
and uncertainties.
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CBL & Associates Properties, Inc.
Investor Contact:
Katie
Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations
and Corporate Investments katie.reinsmidt@cblproperties.com
or
Media
Contact:
Stacey Keating, 423-490-8361
Director of Public
Relations
stacey.keating@cblproperties.com
Source: CBL & Associates Properties, Inc.