PHILADELPHIA, June 8, 2016 /PRNewswire/ -- PREIT (NYSE: PEI) today comments on Shell Chemical's final investment decision to build a petrochemical complex, including an ethylene cracker, in the Pittsburgh, PA suburb of Beaver County, just one and a half miles from PREIT-owned Beaver Valley Mall:
"Shell's investment in building a state-of-the-art facility in close proximity to Beaver Valley Mall creates an extraordinary opportunity for the property and the surrounding community," said Joseph F. Coradino, CEO of PREIT. "With the project's potential long-term economic impact and newly created jobs, Beaver Valley Mall is primed to attract new, diverse tenants and improve the overall retail environment in the region."
This multibillion-dollar investment will create significant opportunities for economic growth and job creation in the region. According to Shell, up to 6,000 construction workers will be involved in building the new facility, as well as an anticipated 600 good-paying permanent jobs when complete.
PREIT (NYSE: PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pa., the company owns and operates over 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com, on Twitter or LinkedIn.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT's current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements. Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT's forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled "Item 1A. Risk Factors." PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
SVP, Corporate Communications and Investor Relations
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