CBL & Associates Properties, Inc. (NYSE:CBL) and its 50/50 joint venture
partner announced today that it had entered into a binding agreement for
the sale of 100% of Renaissance Center, the 363,000-square-foot
community shopping center located in Durham, NC. Renaissance Center will
be sold to an institutional investor for a gross purchase price of
$129.2 million ($64.6 million at each partner’s share). The transaction
is scheduled to close during the first quarter of 2016, subject to the
assumption of a $16.0 million loan secured by the property’s second
phase, defeasance of the $31.6 million loan secured by the property’s
first phase and other customary closing conditions.
“We continue to achieve significant progress on our non-core and
community center disposition program at attractive pricing, with more
than $220 million in transaction announcements to date,” said Stephen D.
Lebovitz, CBL’s president and chief executive officer. “These
transactions highlight substantial value in the CBL portfolio that has
not been recognized by the public markets. The sale of Renaissance
Center allows us to monetize this value, generating significant proceeds
to reduce leverage and further bolster our financial strength.”
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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