CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced progress
on its mall disposition program. CBL closed on the sale of a 75%
interest in River Ridge in Lynchburg, VA, to Liberty University. CBL
received net cash proceeds of $33.5 million for the interest in River
Ridge. CBL retains a 25% ownership position in the asset and is
responsible for leasing and management, earning customary fees.
“We are pleased to announce further progress on our mall disposition
program with the sale of a majority interest in River Ridge and to enter
into a new partnership with Liberty University, an institution that
recognizes the excellent value of the property,” said Stephen Lebovitz,
CBL’s President & CEO. “The sale marks another milestone achievement in
our portfolio transformation strategy. We look forward to continuing
this progress throughout the year.”
Lebovitz added, “The new partnership between CBL and Liberty University
has a strong vision for the future of River Ridge. The former Sears
location provides a great opportunity to elevate the entire center
through redevelopment of underutilized space, bringing new in-demand
retail, entertainment and restaurants to the market. We look forward to
making an announcement when plans have been finalized.”
“River Ridge represents part of an intentional diversification of
Liberty University’s investment portfolio. Liberty’s commercial real
estate holdings have performed well in recent years,” said Liberty
University President, Jerry Falwell. “Liberty University has an economic
impact on the Lynchburg region of more than $1 billion annually and is
committed to the success and economic vitality of the region. The
university is pleased to help implement CBL’s exciting vision for the
mall and to assist in bringing new and improved services to the region.”
About Liberty University
Liberty
University, founded in 1971, is the largest private, nonprofit
university in the nation, the largest university in Virginia, and the
largest Christian university in the world. Located near the Blue Ridge
Mountains on more than 7,000 acres in Lynchburg, Va., Liberty offers
more than 500 unique programs of study from the certificate to the
doctoral level. More than 200 programs are offered online.
Liberty’s mission is to train Champions for Christ with the values,
knowledge, and skills essential for impacting tomorrow’s world.
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 145 properties,
including 90 regional malls/open-air centers. The properties are located
in 30 states and total 84.1 million square feet including 6.4 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160311005819/en/
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
or
Liberty
University
Mitzi Bible, 434-592-4955
Sr. Managing Editor of
News Office
mobible@liberty.edu
Source: CBL & Associates Properties, Inc.