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September 17, 2013
09:08 EDTPEIPennsylvania REIT completes sale of two power center properties for $87.3M
Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties in conjunction with the Company's strategic plan to dispose of non- core properties in order to strengthen its balance sheet by reducing debt. In two separate transactions, the sales of Christiana Center in Newark, Delaware and Commons at Magnolia in Florence, South Carolina generated combined sales proceeds of $87.3M and represent a blended cap rate of 6.8% and gains on sales totaling approximately $45.4M. In connection with these transactions, the buyer assumed the $49.2M mortgage loan secured by Christiana Center. The Company intends to use the proceeds to make further reductions in debt and for general corporate purposes.
News For PEI From The Last 14 Days
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June 30, 2015
08:06 EDTPEIPennsylvania REIT signs AT&T for 1501 Walnut Street
PREIT (PEI) announced the execution of a lease with AT&T (T) Mobility for their recently acquired asset located at 1501 Walnut Street in the heart of Center City Philadelphia. The company acquired the 27,000 square foot property in 2014 with plans to reposition the property.
07:59 EDTPEIPennsylvania REIT management to meet with SunTrust
Meeting to be held in New York on July 6 hosted by SunTrust.

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