CBL & Associates Properties Announces the Sale of the Outlet Shoppes at Oklahoma City
May 01 2017 - 9:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that it, along with its joint venture partner Horizon
Group Properties, closed on the sale of The Outlet Shoppes at
Oklahoma City in Oklahoma City, OK, for a gross sales price of
$130.0 million. Approximately $70.1 million, including defeasance
costs, in loans secured by the property were retired concurrent
with the close. CBL’s share of net equity proceeds, after
retirement of secured loans and closing costs, was $38.0 million.
Net proceeds were used to reduce outstanding balances on the
Company’s lines of credit.
“Our outlet center development program has created tremendous
value for CBL and our shareholders,” said Stephen Lebovitz,
president & chief executive officer. “The Outlet Shoppes at
Oklahoma City was the first project we developed with Horizon and
has been a huge success. We are pleased to demonstrate the value of
our outlet portfolio and provide additional liquidity to reduce
leverage and help fund our redevelopment program.”
About CBL & Associates Properties,
Inc.
Headquartered in Chattanooga, TN, 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 125
properties, including 82 regional malls/open-air centers. The
properties are located in 27 states and total 77.4 million square
feet including 5.9 million square feet of non-owned shopping
centers managed for third parties. 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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version on businesswire.com: http://www.businesswire.com/news/home/20170501005458/en/
CBL & Associates Properties, Inc.Investor Contact:Katie
Reinsmidt, 423-490-8301EVP – Chief Investment
Officerkatie.reinsmidt@cblproperties.comorMedia Contact:Stacey
Keating, 423-490-8361Director – Public Relations & Corporate
Communicationsstacey.keating@cblproperties.com
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