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CBL Completes Final Transfer of Properties to Galileo America

CHATTANOOGA, TN-Locally based public company CBL & Associates Properties Inc. has completed the third and final phase of $563-million, 51-property disposition to Galileo America Inc., the US affiliate of Australia-based Galileo America Shopping Trust.

By Brian K. Miller | Updated on January 12, 2005

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CHATTANOOGA, TN-Locally based and publicly traded CBL & Associates Properties Inc. this week completed the third and final transfer of properties involved in its joint venture with Galileo America Inc., the US affiliate of Australia-based Galileo America Shopping Trust. The final phase included the sale of a 90% interest in two power centers, one community center and one community center expansion for $58.6 million, including $12.1 million in assumed debt.The properties, which weren’t specified, were the stragglers of a $563-million, 51-property transfer from CBL to Galileo America that began in October 2003. Six of those properties already have been re-traded, according to a CBL spokesperson.Of those properties that remain in the joint venture, CBL retains a 10% interest and also the management contract. In addition to the joint venture, CBL is the exclusive manager for all of Galileo’s properties in the US, entitling it to management, leasing, acquisition, disposition and financing fees.CBL is the fourth largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast, ranked by square footage owned. CBL owns, holds interests in or manages 173 properties, including 69 enclosed regional malls, totaling 73.2 million sf. In addition, CBL has seven projects under construction totaling approximately 1.8 million sf.

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