Pennsylvania Real Estate Investment Trust completed the sale of eight properties in 2014 for $191.7 million and plans to continue its strategic disposition program this year and has identified five properties to sell.
PREIT has been divesting non-core properties to improve overall portfolio quality and focus resources on value-creating opportunities.
PREIT commenced its disposition program in 2012 and has sold its interests in 16 assets to date, including six non-core enclosed malls which generated average sales per square foot of less than $250. The interests sold had a total value of $424.1 million.
The five properties that it will seek to divest in 2015 are as follows.
• Palmer Park Mall in Easton, PA
• Uniontown Mall in Uniontown, PA
• Lycoming Mall in Williamsport, PA
• Washington Crown Center in Washington, PA
• Springfield Park in Springfield, PA
"By proactively marketing additional assets for sale in 2015, we are confident that we are taking the right steps to continue a portfolio transformation that will set us apart from our peers while generating significant proceeds to further upgrade our core, high-quality properties" said Joseph F. Coradino, CEO of PREIT.
www.omegare.com
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