CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed the sale of a 25% interest in The Outlet Shoppes at El Paso in El Paso, TX, to an affiliate of its existing joint venture partner, Horizon Group Properties, for total consideration of $27.75 million. The sales price included approximately $18.5 million in related debt. Following the sale, CBL and its joint venture partner both own a 50% interest in the center. Net proceeds from the sale were used to reduce outstanding balances on the company’s line of credit.
“The completion of this sale demonstrates both the substantial value of our assets as well as our ongoing access to attractively priced capital,” said Stephen Lebovitz, CBL’s chief executive officer. “The nearly $150 million in gross disposition activity completed year-to-date supplements our significant free cash flow, which allows us to further our transformative redevelopment efforts at our properties as well as improve our balance sheet through debt reduction.”
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 portfolio is comprised of 108 properties totaling 68.2 million square feet across 26 states, including 68 high‑quality enclosed, outlet and open-air retail centers and 9 properties managed for third parties. CBL continuously strengthens 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.