PREIT Still Searching for Buyer for Exton Square Mall as Deadline Approaches

Exton Square Mall
Image via Exton Square Mall.
Exton Square Mall.

PREIT is still searching for a buyer for Exton Square Mall to shore up cash as a pivotal loan deadline inches closer, writes Paul Schwedelson for the Philadelphia Business Journal

Recently, PREIT added Plymouth Meeting Mall to the malls it is attempting to sell. 

Last spring, Brandywine Realty Trust was set to buy Exton Square Mall for $28.8 million, but that deal fell through. 

At the end of March, PREIT’s credit facilities were at $995.8 million set to mature on Dec. 10. The company has been focusing on property sales as a way to come up with the required money to pay down the debt, but it will require a significant return to match the close to $1 billion owed. 

PREIT is also exploring a possible sale of the company or a merger. 

CFO Mario Ventresca specified Exton Square Mall and Plymouth Meeting Mall as targets for sale during the company’s first-quarter earnings call. 

“We have continued to evaluate opportunities for asset sales, including Exton Square and Plymouth Meeting Mall as well as our outparcels,” he said. “However, we are not prepared to disclose details at this time.” 

Read more about PREIT’s plans in the Philadelphia Business Journal


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