PHILADELPHIA-Morgan Stanley Prime Property Fund has signed a deal to acquire the 50% stake of Lend Lease in the King of Prussia Mall for $545 million. The mall measuring 2.9 million square feet is located in the suburban Philadelphia.
Lend Lease, an Australian investment company, purchased its 50% stake in the mall for $110 million in 1996. The company will earn proceeds worth $545 million after debt and reap profits after deal costs and taxes of $100 million through the sale.For the full story, go to Philadelphia Business Journal.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.