PHILADELPHIA, PA—Pennsylvania Real Estate Investment Trust has sold several properties including its 50% interest in Whitehall Mall in Allentown, PA, with an aggregate transaction value of $25 million.
PREIT said the asset sales are part of its strategic disposition program. PREIT started selling assets in 2012 and has sold 15 assets to date, generating total proceeds of approximately $420 million, the firm says in a statement.
“We remain on track in executing our ongoing disposition program and today’s announcement demonstrates the progress we are making,” says Joseph F. Coradino, CEO of PREIT. “Our selective disposition program has enabled us to generate proceeds to upgrade our core, high-quality properties, while maintaining solid operational performance and a strong balance sheet. Today, PREIT boasts a premier portfolio, supported by a healthy and flexible balance sheet, strategically positioning the Company for long-term success and continued value creation.”
Whitehall Mall is located in the Lehigh Valley, previously owned in a joint venture with Washington Prime Group subsequent to its spin-off from Simon Property Group. The other properties sold were outparcels adjacent to PREIT’s Magnolia and Francis Scott Key Malls.