BIRMINGHAM, Ala., Dec. 2 /PRNewswire-FirstCall/ -- Colonial Properties
Trust (NYSE: CLP), along with its joint venture partner, announced today that
it has completed the sale of Orlando Fashion Square, a regional mall located
in Orlando, Florida, to Pennsylvania Real Estate Investment Trust (NYSE: PEI)
headquartered in Philadelphia, Pennsylvania. 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 )
Orlando Fashion Square, built in 1973 and acquired by Colonial Properties
Trust in 1998, is a 1.2 million square-foot regional mall that is anchored by
Burdines, Dillard's, J C Penney and Sears.
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 $3.7 billion. The foundation of Colonial Properties' success
is its live, work and shop diversified investment strategy. The Company
manages or leases 23,786 apartment units, 6.7 million square feet of office
space and 16.3 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:
NewsCom:
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AP Archive: http://photoarchive.ap.org
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CONTACT:
Linda S. Geiss, Vice President - Corporate
Affairs of Colonial Properties Trust, +1-205-250-8768
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