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PREIT to sell non-core anchor pad

Pennsylvania Real Estate Investment Trust (PREIT) is to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania contiguous to Westgate Mall.

The transaction is expected to close prior to the end of 2014.
"This transaction represents another step in our programme of selling non-core assets and recycling the capital generated into more productive, higher-quality properties with stronger growth profiles," says Joseph F Coradino, chief executive of PREIT.
"Over the past 20 months, we have sold or entered into contracts to sell 12 properties generating expected proceeds of approximately USD400 million, including the joint venture interest in The Gallery."

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