The portfolio, totaling approximately 19.2 million sf, includesfive malls in Wisconsin, three each in North Carolina, Kentucky and SouthCarolina, two each in Michigan and Ohio, one each in Illinois, Tennessee andTexas and an associated center in both Ohio and Wisconsin.
The agreement has been approved by CBL's Board of Directors and is subjectto CBL shareholder approval as well as certain Jacobs lender and partnerconsents. The acquisitionis expected to close in the first quarter of 2001.
The purchase price includes approximately $106 million in cash, as well asclosing and transaction costs of approximately $12 million, assumption of$733.8 million in primarilyfixed rate non-recourse debt at an average interest rate of 8.25%; and theissuance of 11.932 million SCUs (special common units) of CBL's operatingpartnership with a par value of $384.8million.
When the acquisition is concluded, CBL's portfolio will total 161properties, including 51 enclosed malls, representing 55 million sfin 26 states.
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