CBL & Associates Properties, Inc. CBL today announced that it closed on the sale of Fashion Square Mall in Saginaw, MI, and The Lakes in Muskegon, MI. The malls were sold to a private buyer for an aggregate price of $66.5 million, including the assumption of a $38.2 million loan secured by Fashion Square. Net proceeds from the sale were used to reduce outstanding balances on the Company's lines of credit.
"This disposition marks another milestone achievement for CBL, having now completed transactions on 11 lower-productivity regional malls since introducing our portfolio transformation strategy in April 2014," said Stephen D. Lebovitz, president & CEO. "Over the past two years, we have completed more than $765 million in transactions, including approximately $460 million from regional malls and more than $305 million from selling community centers and other non-core assets. Today, CBL operates with a higher-quality, higher-growth portfolio and a markedly improved balance sheet. We look forward to continuing the momentum as we make further progress in our transformation strategy."
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 89 regional
malls/open-air centers. The properties are located in 31 states and
total 82.9 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160722005815/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
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