CBL & Associates Properties, Inc. Closes Three Mall Sale
December 19 2016 - 8:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE:CBL) announced that
it had closed on the sale of three Tier 3 enclosed malls for an
aggregate sales price of $32.25 million to Hull Property Group. The
portfolio includes Randolph Mall in Asheboro, NC; Regency Mall in
Racine, WI; and Walnut Square in Dalton, GA. Net proceeds from the
transaction were used to reduce outstanding balances on the
Company’s lines of credit.
“With eight mall dispositions completed in 2016, this has been a
transformative year for CBL,” said Stephen Lebovitz, president
& CEO. “As we near the completion of this transformation, our
portfolio and our company are stronger today than they have ever
been. We look forward to continuing to demonstrate the benefits of
our strategy in our results and growth as we move into the New
Year.”
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 136
properties, including 84 regional malls/open-air centers. The
properties are located in 31 states and total 79.4 million square
feet including 7.1 million square feet of non-owned shopping
centers managed for third parties.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161219005171/en/
CBL & Associates Properties, Inc.Katie Reinsmidt,
423-490-8301Senior Vice President - Investor Relations and
Corporate Investmentskatie.reinsmidt@cblproperties.comorStacey Keating,
423-490-8361Director – Public
RelationsStacey.Keating@cblproperties.com
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