CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it,
along with its joint venture partner Horizon Group Properties, closed on
the sale of The Outlet Shoppes at Oklahoma City in Oklahoma City, OK,
for a gross sales price of $130.0 million. Approximately $70.1 million,
including defeasance costs, in loans secured by the property were
retired concurrent with the close. CBL’s share of net equity proceeds,
after retirement of secured loans and closing costs, was $38.0 million.
Net proceeds were used to reduce outstanding balances on the Company’s
lines of credit.
“Our outlet center development program has created tremendous value for
CBL and our shareholders,” said Stephen Lebovitz, president & chief
executive officer. “The Outlet Shoppes at Oklahoma City was the first
project we developed with Horizon and has been a huge success. We are
pleased to demonstrate the value of our outlet portfolio and provide
additional liquidity to reduce leverage and help fund our redevelopment
program.”
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 125 properties,
including 82 regional malls/open-air centers. The properties are located
in 27 states and total 77.4 million square feet including 5.9 million
square feet of non-owned shopping centers managed for third parties.
Additional information can be found at cblproperties.com.
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/20170501005458/en/
CBL & Associates Properties, Inc.
Investor Contact:
Katie
Reinsmidt, 423-490-8301
EVP – Chief Investment Officer
katie.reinsmidt@cblproperties.com
or
Media
Contact:
Stacey Keating, 423-490-8361
Director – Public
Relations & Corporate Communications
stacey.keating@cblproperties.com
Source: CBL & Associates Properties, Inc.