PREIT has obtained unanimous approval from the Fairfax County Board of Supervisors to develop 460 apartment units and a 165-room hotel at Springfield Town Center, paving the way for the sale of the land parcels both of which are under agreement of sale.  A key part of PREIT’s capital plan, the sale of these parcels is expected to generate $20 million, in addition to the $112 million in proceeds the REIT has raised from asset sales in 2022. The company expects to close on these sales in Q2 2023 and has another $120 million of asset sales in the pipeline.

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David Hoffman

 

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