PREIT Enters into Agreement to Sell Non-Core Anchor Pad

Philadelphia — Pennsylvania Real Estate Investment Trust has entered into an agreement to sell an anchor pad underlying a Bon-Ton store in Bethlehem, Pennsylvania, contiguous to Westgate Mall.

The transaction is expected to close prior to the end of 2014.

"This transaction represents another step in our program of selling non-core assets and recycling the capital generated into more productive, higher-quality properties with stronger growth profiles," said Joseph F. Coradino, CEO of PREIT. "Over the past 20 months, we have sold or entered into contracts to sell 12 properties generating expected proceeds of approximately $400 million, including the joint venture interest in The Gallery."

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