PHILADELPHIA, July 6, 2015 /PRNewswire/ -- PREIT (NYSE: PEI) announced today the successful completion of the disposition of its 50% interest in Springfield Park, an open air center located in Springfield, PA for $20.2 million. The completion of the sale represents continued progress on the Company's commitment to recycling its capital toward shaping a portfolio comprised of high-quality enclosed malls. Springfield Park is 287,000 square foot open air center located in suburban Philadephia, anchored by Target and Bed, Bath and Beyond.
"This transaction marks another step in our portfolio transformation as we look to recycle capital into creating value in our high-quality mall portfolio," said Joseph F. Coradino, CEO of PREIT. "We have made meaningful strides in reconstituting and elevating PREIT's portfolio quality while improving our balance sheet and will continue to opportunistically dispose of assets that aren't core to our transformed portfolio."
About PREIT 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 28.5 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.
CONTACTS: Robert McCadden EVP & CFO (215) 875-0735
Heather Crowell VP, Corporate Communications and Investor Relations (215) 454-1241 email@example.com