PREIT (NYSE: PEI) today announced the execution of three transactions that will yield approximately $75 million toward the Company's outlined capital plan.
- Logan Valley Mall – a purchase and sale agreement has been executed with a significant non-refundable deposit and closing anticipated during the third quarter.
- 801 Market Office condominium – a purchase and sale agreement has been executed with a significant non-refundable deposit and closing anticipated during the third quarter.
- Exton Square land parcel – a 4.9 acre land parcel is under agreement of sale with a multi-family developer. Closing is expected to occur once entitlements are obtained by the buyer.
"This is another example of our ability to execute in a challenging environment. This is a critical step in the further transformation of PREIT into a top-tier mall company," said Joseph F. Coradino, CEO of PREIT. "As the retail industry evolves, there are many opportunities to improve the shopping environment and raising capital through the sale of non-core properties, provides the perfect vehicle for creating value for our shareholders."
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.