PREIT Enters into Agreement to Sell Non-Core Anchor Pad
PHILADELPHIA, Aug. 19, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announced today that it has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, PA contiguous to Westgate Mall. The transaction is expected to close prior to the end of 2014.
"This transaction represents another step in our program of selling non-core assets and recycling the capital generated into more productive, higher-quality properties with stronger growth profiles," said Joseph F. Coradino, CEO of PREIT. "Over the past 20 months, we have sold or entered into contracts to sell 12 properties generating expected proceeds of approximately $400 million, including the joint venture interest in The Gallery."
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.
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