BIRMINGHAM, Ala., April 4 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) ("The Company") announced today that it has completed the
sale of Colonial Mall Gadsden, located in Gadsden, Alabama, to Pennsylvania
Real Estate Investment Trust (NYSE: PEI) for $58.8 million. Included in the
sale is the P&S Building, a 40,000-square-foot building located nearby and
currently occupied by the Alabama Department of Human Resources. There was no
debt associated with these assets. Proceeds from the sale will be used to
reduce the borrowings under the Company's unsecured line of credit and to
support the Company's development pipeline.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c )
"The sale of Colonial Mall Gadsden is another step in the strategic shift
of our retail portfolio from regional malls to open-air shopping centers,"
said Charles (Chip) Light, EVP, Retail for Colonial Properties Trust.
Colonial Mall Gadsden, developed in 1973 and opened in 1974 by Colonial
Properties Trust, is a 480,000-square-foot regional mall. It is anchored by
Sears, McRae's and Belk department stores. At December 31, 2004, the mall was
96% occupied including both in-line and anchor tenants.
Colonial Properties Trust is a diversified REIT that, through its
subsidiaries, owns a portfolio of multifamily, office and retail properties
where you live, work and shop in Alabama, Florida, Georgia, Mississippi, North
Carolina, South Carolina, Virginia, Tennessee, Texas, Arizona, Nevada and New
Mexico. Colonial Properties Trust performs development, acquisition,
management, leasing and brokerage services for its portfolio and properties
owned by third parties. The Company has a total market capitalization of
approximately $5 billion. The foundation of Colonial Properties' success is
its live, work and shop diversified investment strategy. The Company manages
or leases 50,000 apartment units, 6.8 million square feet of office space and
15.1 million square feet of retail shopping space. Additional information on
Colonial Properties Trust is available on the Internet
at http://www.colonialprop.com . The Company, headquartered in Birmingham, Ala., is
listed on the New York Stock Exchange under the symbol "CLP" and is included
in the S&P SmallCap 600 Index.
SOURCE Colonial Properties Trust
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Related links:
http://www.colonialprop.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Barbara M. Pooley, SVP, Investor Relations,
+1-800-645-3917, or Linda S. Geiss, VP - Media Relations,
+1-205-250-8768, both of Colonial Properties Trust
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