PREIT to sell 13 properties for more than $420m
Pennsylvania REIT has sold eight properties for $191.7 million and plans to sell another five retail properties for approximately $228.3 million.
These transactions were planned as part of the company's strategic disposition program, under which PREIT has been selling noncore properties to improve overall portfolio quality and focus resources on assets that represent the greatest value-creation opportunities. PREIT began its disposition program in 2012 and has sold its interests in 16 assets to date.
Properties sold in 2014 include South Mall in Allentown, Pa.; Nittany Mall in State College, Pa.; North Hanover Mall in Hanover, Pa.; Whitehall Mall in Whitehall Township, Pa.; and The Gallery in Philadelphia.
The five properties to be sold during 2015 include Palmer Park Mall in Easton, Pa.; Uniontown Mall in Uniontown, Pa.; Lycoming Mall in Williamsport, Pa.; Washington Crown Center in Washington, Pa.; and Springfield Park in Springfield,