Horizon Group Properties, Inc. entered into an agreement to acquire additional 25% stake in The Outlet Shoppes at El Paso from CBL & Associates Properties, Inc for $27.7 million.
August 31, 2019
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Horizon Group Properties, Inc. (OTCPK:HGPI) entered into an agreement to acquire additional 25% stake in The Outlet Shoppes at El Paso from CBL & Associates Properties, Inc (NYSE:CBL) for $27.7 million in July 2019. As part of transaction, Horizon will purchase 25% interest in The Outlet Shoppes at El Paso for cash of $9.2 million and the assumption of 25% interest in the existing loan, representing approximately $18.5 million as of August 2019. Following the completion of the sale, CBL and Horizon will each own a 50% interest, and Horizon will continue to lease and manage the asset. The deal is expected to close in August 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. entered into an agreement to acquire additional 25% stake in The Outlet Shoppes at El Paso from CBL & Associates Properties, Inc for $27.7 million.
CBL & ASSOCIATES PROPERTIES, INC. 
