PREIT Comments on Shell Chemical’s Decision to Build a Petrochemical Complex in Beaver County
Philadelphia, PA, June 8, 2016 – PREIT (NYSE: PEI) today comments on Shell Chemical’s final investment decision to build a petrochemical complex, including an ethylene cracker, in the Pittsburgh, PA suburb of Beaver County, just one and a half miles from PREIT-owned Beaver Valley Mall:
“Shell’s investment in building a state-of-the-art facility in close proximity to Beaver Valley Mall creates an extraordinary opportunity for the property and the surrounding community,” said Joseph F. Coradino, CEO of PREIT. “With the project’s potential long-term economic impact and newly created jobs, Beaver Valley Mall is primed to attract new, diverse tenants and improve the overall retail environment in the region.”
This multibillion-dollar investment will create significant opportunities for economic growth and job creation in the region. According to Shell, up to 6,000 construction workers will be involved in building the new facility, as well as an anticipated 600 good-paying permanent jobs when complete.
Beaver County Times – http://www.timesonline.com/news/shellcracker/shell-decision-could-have-tremendous-ripple-effect-on-beaver-valley/article_14bff396-2ce7-11e6-8e51-97c32c9a3882.html
The News Tribune – http://www.thenewstribune.com/news/business/article82203712.html
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pa., the company owns and operates over 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com, on Twitter or LinkedIn.
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