Sale of Parcel Part of Multi-Faceted Strategy to Harvest Value
PREIT, today, announced the sale of its Whole Foods parcel at Plymouth Meeting Mall for $27 million as part of its capital raising initiative. The proceeds from the transaction will be used to reduce debt and improve PREIT’s balance sheet.
The sale of the Whole Foods parcel is part of PREIT’s multi-faceted strategy to harvest value efficiently from its portfolio. Since the beginning of 2022, the Company sold assets generating just over $141 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $184 million through December 31, 2022.
Joseph F. Coradino, Chairman & CEO of PREIT commented: “We remain focused on the execution of our capital strategy and this transaction is another example of how we are able to extract value from our portfolio.”