CBL Properties Announces Sale of Its Interest in Fremaux Town Center in Slidell, LA
Transaction confirms significant value of CBL's open-air portfolio and reduces joint venture exposure
CBL Properties (NYSE:CBL) today announced that it had closed on the sale of its interest in Fremaux Town Center, a roughly 640,000-square-foot open-air center located in Slidell, LA, to its joint venture partner, Stirling. CBL received net cash proceeds of $30.77 million and eliminated $35.0 million of property-specific debt. The transaction represented an 8.2% cap rate.
"We're pleased to complete the sale of our interest in Fremaux Town Center at attractive pricing that highlights the significant and underappreciated value of our open-air portfolio," said Stephen D. Lebovitz, Chief Executive Officer of CBL. "This transaction simplifies our ownership structure by reducing joint venture exposure. It also generates cash proceeds to pursue higher-yield opportunities, including future acquisitions and share repurchase activity."
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 88 properties totaling 53.9 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit 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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Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, [email protected]
Media Contact: Stacey Keating, Vice President– Corporate Communications, 423.490.8361, [email protected]