KING OF PRUSSIA, PA-Lend Lease Group LLC is selling its 50% interest in the King of Prussia Mall, here to Morgan Stanley Prime Property Fund. The gross valuation comes to $1.25 million, so Morgan Stanley will purchase the property for net proceeds of $545 million.
The price accounts for the debt level and Lend Lease will net $100 million. The Australian company says it will use the profit to repay its GBP debt and fund its US investment pipeline. The deal will close in August 2011 after the regular procedures regarding a sale involving a partnership.
The King of Prussia Mall is the largest enclosed mall on the East Coast. Lend Lease could not be contacted for comment by GlobeSt.com before deadline.
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