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CBL Closes Sale of Majority Stake in North Carolina Shopping Centre.

M2 EQUITYBITES-February 8, 2016-CBL Closes Sale of Majority Stake in North Carolina Shopping Centre


8 February 2016 - US-based shopping centre operator CBL and Associates Properties, Inc. (NYSE: CBL) has closed on a new 10/90 joint venture for Triangle Town Center and Commons in Raleigh, NC, with DRA Advisors LLC, the company said.

The new joint venture acquired the property from the existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of USD 174.0m, including assumption of a USD 171.1m loan secured by the property.

CBL now holds a 10% ownership position in the asset and is responsible for leasing and managing, earning customary fees.

Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the loan, which matured in December 2015.

The modified loan has an initial term of three-years maturing in December 2018, with two one-year extension options available to the joint venture, for a final maturity date of December 2020. The interest was reduced from 5.737% to 4.0%, interest-only payments.

DRA Advisors LLC is a registered SEC investment advisor with USD 6.8bn of assets under management, headquartered in New York with offices in San Francisco and Miami.

Headquartered in Chattanooga, TN, CBL is an owner and developer of malls and shopping centres in the United States. CBL owns, holds interests in or manages 147 properties, including 91 regional malls/open-air centers.

The properties are located in 30 states and total 84.7 m square feet including 7m square feet of non-owned shopping centers managed for third parties.

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Publication:M2 EquityBites (EQB)
Date:Feb 8, 2016
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