CBL & Associates Properties, Inc. Completes Sale of Mayfaire Community Center
04 December 2015 - 8:16AM
Business Wire
More Than $150 Million in Assets Sold
Year-to-Date
CBL & Associates Properties, Inc. (NYSE:CBL) announced today
that it had completed the sale of Mayfaire Community Center for
$56.3 million to Principal Real Estate Investors. Mayfaire
Community Center is the 210,000-square-foot center located adjacent
to CBL’s Mayfaire Towne Center in Wilmington, NC, which CBL
acquired in June of 2015. CBL is providing leasing and management
services for the new owners.
“Year-to-date, CBL has completed the sale of more than $150
million of non-core and community center assets, applying proceeds
to debt reduction and markedly improving our leverage position,”
said Stephen D. Lebovitz, CBL’s president and chief executive
officer. “We are pleased to have made significant headway on our
asset sales since announcing the community center disposition
program just a few months ago. The program allows us to access
attractively priced equity from stabilized assets to continue our
deleveraging progress.”
About CBL & Associates Properties, Inc.
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 147 properties, including 91 regional
malls/open-air centers. The properties are located in 30 states and
total 84.6 million square feet including 7.3 million square feet of
non-owned shopping centers managed for third parties. Headquartered
in Chattanooga, TN, CBL has regional offices in Boston (Waltham),
MA, Dallas (Irving), TX, and St. Louis, MO. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151203006305/en/
CBL & Associates Properties, Inc.Katie Reinsmidt,
423-490-8301Senior Vice President - Investor Relations and
Corporate Investmentskatie.reinsmidt@cblproperties.com
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