Horizon Group Properties, Inc. acquired an additional 25% stake in The Outlet Shoppes at Atlanta from CBL & Associates Properties, Inc for $20.8 million.
December 09, 2019
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Horizon Group Properties, Inc. (OTCPK:HGPI) acquired an additional 25% stake in The Outlet Shoppes at Atlanta from CBL & Associates Properties, Inc (NYSE:CBL) for $20.78 million on December 9, 2019. Under the terms of transaction, the consideration included $11.44 million of assumed debt. Upon completion, Horizon Group Properties, Inc. and CBL & Associates Properties, Inc will each hold 50% interest in The Outlet Shoppes at Atlanta. The net proceeds from the sale were used to reduce outstanding balances on the CBL & Associates Properties, Inc's line of credit.
Horizon Group Properties, Inc. (OTCPK:HGPI) completed the acquisition of an additional 25% stake in The Outlet Shoppes at Atlanta from CBL & Associates Properties, Inc (NYSE:CBL) on December 9, 2019.
CBL & Associates Properties, Inc. is a self-managed, self-administered, fully integrated real estate investment trust (REIT). The Company owns, develops, acquires, leases, manages, and operates various properties. Its segments include Malls and All Other. The Malls segment includes malls, lifestyle centers and outlet centers. The All Other segment includes open-air centers, outparcels, office buildings, hotels, self-storage facilities, corporate-level debt and the Management Company. The Company primarily conducts its business through CBL & Associates Limited Partnership (the Operating Partnership), which is a variable interest entity. It owns two qualified REIT subsidiaries: CBL Holdings I, Inc. and CBL Holdings II, Inc. It owns and manages a portfolio, which is comprised of approximately 94 properties totaling 58.5 million square feet across 22 states, including 56 enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets.
Horizon Group Properties, Inc. acquired an additional 25% stake in The Outlet Shoppes at Atlanta from CBL & Associates Properties, Inc for $20.8 million.
CBL & ASSOCIATES PROPERTIES, INC. 
