PREIT Selling Both Exton Square Mall and Plymouth Meeting Mall

PREIT explores sale of Plymouth Meeting, Exton Square malls to shore up cash

PREIT said Thursday it’s still looking to sell Exton Square Mall, and now Plymouth Meeting Mall, the next move in its saga to generate cash with a pivotal loan deadline looming.

The Business Journal reported Exton Square Mall was under agreement last spring to sell to Brandywine Realty Trust for $28.8 million, but PREIT revealed the deal fell through in its annual report filed last month to the U.S. Securities and Exchange Commission. Brandywine declined to comment.

Meanwhile, as of the end of March, PREIT’s credit facilities had a balance of $995.8 million set to mature on Dec. 10. Philadelphia-based PREIT (OTCMKTS: PRET) has viewed property sales as a way to come up with money to pay down the debt, but a significant haul would be needed to match the nearly $1 billion owed.

*Article courtesy of Philadelphia Business Journal

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