Exton Square Mall Owner PREIT is Stripped Down and Ready to Merge
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.
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