The glass is crystal clean and the lights are on for corporate window shoppers interested in the Pennsylvania Real Estate Investment Trust empire. PREIT recently indicated an openness to considering a merger, according to a Philadelphia Magazine report by Brian Thomas. No word yet on what that means for the Exton Square Mall.
PREIT’s rare luminosity in a market where most shopping mall operators are struggling makes it a potential diamond in the rough for the right buyer, the article stated.
The Philly-based real estate developer operates the Exton Square Mall — where it is investing $30 million into an upgrade, the Plymouth Meeting Mall and others across the state and nation. PREIT is also currently in the midst of a $325 million project to redevelop The Gallery in Center City into The Fashion Outlets of Philadelphia, slated to open in 2018.
In addition, PREIT has positioned itself for a possible merger by streamlining its core business through a selloff of underperforming and non-essential shopping malls.
Read more about PREIT’s leanings toward a possible merger in Philadelphia Magazine here, and check out previous VISTA Today coverage of the real estate investment trust here.
