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CBL Properties completed the $20.8 million sale of a 15 percent stake in The Outlet Shoppes at Atlanta to an affiliate of joint-venture partner Horizon Group Properties. The price included $11.4 million in related debt.
CBL and Horizon each now own a 50 percent stake. CBL says the proceeds helped reduce outstanding balances on the company’s line of credit.
“With the closing of this sale, we’ve completed gross asset sales of more than $180 million during 2019,” said Stephen D. Lebovitz, CBL's president and CEO. “Proceeds from dispositions, along with our significant free cash flow, allow us to further [the] transformative redevelopment efforts at our properties, as well as improve our balance sheet through debt reduction.”