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PREIT Receives Approvals For 460 Apartments And 165 Room Hotel At Springfield Town Center

Benzinga Real-time News · Dec 13, 2022 06:56

PHILADELPHIA, Dec. 13, 2022 /PRNewswire/ -- PREIT (NYSE:PEI), today, announced that it has obtained unanimous approval from the Fairfax County Board of Supervisors for the development of 460 apartments and a 165-room hotel, paving the way for the sale of the land parcels both of which are under agreement of sale. A key part of PREIT's capital plan, the sale of these parcels is expected to generate approximately $20 million for PREIT, in addition to the $112 million in proceeds the Company has raised from asset sales in 2022. The Company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120 million of asset sales in the pipeline.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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