CBL Properties Closes Sale of 25% Interest in The Outlet Shoppes at El Paso
August 20 2019 - 4:15PM
Business Wire
CBL Properties (NYSE:CBL) today announced that it had closed the
sale of a 25% interest in The Outlet Shoppes at El Paso in El Paso,
TX, to an affiliate of its existing joint venture partner, Horizon
Group Properties, for total consideration of $27.75 million. The
sales price included approximately $18.5 million in related debt.
Following the sale, CBL and its joint venture partner both own a
50% interest in the center. Net proceeds from the sale were used to
reduce outstanding balances on the company’s line of credit.
“The completion of this sale demonstrates both the substantial
value of our assets as well as our ongoing access to attractively
priced capital,” said Stephen Lebovitz, CBL’s chief executive
officer. “The nearly $150 million in gross disposition activity
completed year-to-date supplements our significant free cash flow,
which allows us to further our transformative redevelopment efforts
at our properties as well as improve our balance sheet through debt
reduction.”
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s portfolio is comprised of
108 properties totaling 68.2 million square feet across 26 states,
including 68 high‑quality enclosed, outlet and open-air retail
centers and 9 properties managed for third parties. CBL
continuously strengthens its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit 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: https://www.businesswire.com/news/home/20190820005693/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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