PHILADELPHIA, Oct. 3, 2014 /PRNewswire/ -- Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) announced today that it has entered into an agreement to sell the remaining parcel owned by the Company at Plaza at Magnolia, a center originally developed by PREIT adjacent to its Magnolia Mall in Florence, SC. The transaction is expected to close during the fourth quarter of 2014.
The parcel being sold currently contains a Firehouse Subs eatery and an AT&T store. PREIT previously sold the other parcels comprising this center and sold an adjacent Power Center, The Commons at Magnolia, in 2013.
"Our success in disposing of non-core assets continues with this announcement. We remain focused on raising capital through assets sales and reallocating our resources toward our higher-quality mall properties that represent tremendous opportunities for growth," said Joseph F. Coradino, CEO of PREIT. "Our re-shaped portfolio is designed to deliver improved metrics and drive shareholder returns."
About Pennsylvania Real Estate Investment Trust
PREIT is a real estate investment trust specializing in the ownership and management of differentiated retail shopping malls designed to fit the dynamic communities they serve. Founded in 1960 as Pennsylvania Real Estate Investment Trust, the Company owns and operates over 30 million square feet of space in properties in 12 states in the eastern half of the United States with concentration in the Mid-Atlantic region and Greater Philadelphia. PREIT is headquartered in Philadelphia, Pennsylvania, and is publicly traded on the NYSE under the symbol PEI. Information about the Company can be found at preit.com or on Twitter or LinkedIn.
CONTACTS:
Robert McCadden
EVP & CFO
(215) 875-0735
Heather Crowell
VP, Corporate Communications and Investor Relations
(215) 454-1241
[email protected]
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SOURCE PREIT
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