BIRMINGHAM, Ala., Sept. 21 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP) announced today that it is marketing six regional mall
assets for sale. The regional malls being marketed include: Colonial Mall
Macon - 1.4 million square feet in Macon, Georgia; Colonial Mall Temple -
555,000 square feet in Temple, Texas; Colonial Mall Gadsden - 517,000 square
feet in Gadsden, Alabama; Colonial Mall Staunton - 423,000 square feet in
Staunton, Virginia; Colonial Mall Burlington - 415,000 square feet in
Burlington, North Carolina; and Colonial Mall Mayberry - 206,000 square feet
in Mount Airy, North Carolina. As a continuation of the Company's current
investment and disposition strategy, the Company expects to complete the sale
of these assets by the end of the first quarter of 2005. Proceeds from the
sale will be used to fund recent and future acquisitions.
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The assets will be marketed by Granite Partners, a real estate investment
banking firm headquartered in New York. Inquiries regarding interest in the
mall assets should be directed to Gerard V. Mason or Arthur M. Milston of
Granite Partners at 212-328-2800.
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, Tennessee, Texas and Virginia. Colonial Properties
Trust performs development, acquisition, management, leasing and brokerage
services for its portfolio and properties owned by third parties. Colonial
Properties Trust is a diversified REIT, which has a total market
capitalization of $3.4 billion. The cornerstone of Colonial Properties'
success is its live, work and shop diversified investment strategy. The
Company manages or leases 22,400 apartment units, 6.8 million square feet of
office space and 15.7 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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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030709/CLPLOGO-c
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PRN Photo Desk, photodesk@prnewswire.com
Related links:
http://www.colonialprop.com
CONTACT:
Investors, Sandra Lee Robertson, Senior Vice
President, Finance, +1-205-250-8788, or Media, Linda S. Geiss,
Vice President, Corporate Affairs, +1-205-250-8768, both of
Colonial Properties Trust
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