PHILADELPHIA, PA—Pennsylvania Real Estate Investment Trust has sold the Nittany and North Hanover Malls for $32.3 million. PREIT says completion of the transaction is “a major milestone” in the company’s commitment to enhancing the quality of its portfolio.

“Today’s announcement demonstrates our continued success in opportunistically divesting assets to transform our portfolio and create value for shareholders,” says Joseph F. Coradino, CEO of PREIT. “We have generated significant proceeds through our selective disposition program, while at the same time upgrading our core, high-quality properties. We are driving value by shaping a portfolio that derives nearly all of its NOI from high-quality malls, while maintaining solid operational performance and a strong balance sheet.” 

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