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Logan Valley and Valley View Malls to be Offered for Sale
PHILADELPHIA, May 22, 2017 /PRNewswire/ -- PREIT (NYSE:PEI) today announced the offering of two malls for sale in non-core markets – Logan Valley in Altoona, PA and Valley View Mall in LaCrosse, WI. PREIT is pursuing these dispositions, where it has received unsolicited interest, to further enhance the quality of its portfolio and position the Company for growth and value creation. Proceeds from any dispositions will be used to fund PREIT's value-creating redevelopment pipeline. Following the sale of these properties, the Company expects portfolio sales to increase by approximately $10 per square foot.
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"PREIT has a demonstrated record of transforming and revitalizing the traditional mall model to capitalize on new opportunities and evolving trends in the market," said Joseph F. Coradino, CEO of PREIT. "To date, we have successfully sold 16 lower-productivity malls as part of our non-core property disposition program. With these additional dispositions, we are taking further action to strengthen our portfolio amid a challenging retail climate."
Coradino continued, "Anticipated proceeds will position us to continue strategically investing in the most value-enhancing assets to create more compelling and productive environments. PREIT will also continue to engage in discussions with third parties as we seek to further optimize our portfolio and drive shareholder value."
About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's 23 million square feet of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/preit-expands-capital-plan-sources-by-offering-additional-malls-for-sale-300461059.html
SOURCE PREIT
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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