PHILADELPHIA, May 22, 2017 /PRNewswire/ -- PREIT (NYSE:
PEI) today announced the offering of two malls for sale in non-core
markets – Logan Valley in
Altoona, PA and Valley View Mall
in LaCrosse, WI. PREIT is pursuing these dispositions, where it has
received unsolicited interest, to further enhance the quality of
its portfolio and position the Company for growth and value
creation. Proceeds from any dispositions will be used to fund
PREIT's value-creating redevelopment pipeline. Following the sale
of these properties, the Company expects portfolio sales to
increase by approximately $10 per
square foot.
"PREIT has a demonstrated record of transforming and
revitalizing the traditional mall model to capitalize on new
opportunities and evolving trends in the market," said Joseph F. Coradino, CEO of PREIT. "To date, we
have successfully sold 16 lower-productivity malls as part of our
non-core property disposition program. With these additional
dispositions, we are taking further action to strengthen our
portfolio amid a challenging retail climate."
Coradino continued, "Anticipated proceeds will position us
to continue strategically investing in the most value-enhancing
assets to create more compelling and productive environments. PREIT
will also continue to engage in discussions with third parties as
we seek to further optimize our portfolio and drive shareholder
value."
About PREIT
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.
CONTACT:
Heather
Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com
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SOURCE PREIT