CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it closed the sale of a 15% interest in The Outlet Shoppes at Atlanta in Atlanta, GA, to an affiliate of its existing joint venture partner, Horizon Group Properties, for total consideration of $20.8 million. The sales price included approximately $11.4 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.
“With the closing of this sale, we’ve completed gross asset sales of more than $180 million during 2019,” said Stephen Lebovitz, CBL’s chief executive officer. “Proceeds from dispositions, along with our significant free cash flow, allow us to further 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 nine 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.