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Thursday, 18 January 2001

CBL Shareholders OK $1.3 Bln Acquisition of Mall Portfolio

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January 19, 2001

CHATTANOOGA, Tenn. – CBL & Associates Properties Inc. (NYSE:CBL) today received its shareholders' approval to proceed with buying a 23-property retail portfolio for about $1.3 billion.

The REIT, which in September agreed to buy the 21 malls and two associated centers from The Richard E. Jacobs Group, this morning won support for the plan at a special meeting of shareholders.

Upon closing of the transaction, expected around Jan. 31, CBL's portfolio will include 51 malls and 106 shopping centers, totaling 55.6 million square feet of space in 26 states.

The Jacobs transaction was contingent upon approval of the issuance of up to 13.9 million special common units, which may be exchanged for shares of common stock on a one-for-one basis after a three-year lock-up period. The company's shareholders approved the issuance as well as a separate proposal to amend the share ownership limits to allow for Jacobs' increased ownership of shares in the company.

CBL currently has a portfolio of 134 regional malls and community shopping centers in 25 states totaling 36.4 million sf, including 1.8 million sf of non-owned shopping centers managed for third parties. The company has under construction five new projects totaling roughly 1.9 million sf, including two malls, one community center and two mall expansions.

The shopping centers to be acquired from the Jacobs portfolio are as follows (the information details the mall's name, location, total gross leasable area, mall store gross leasable area and percentage that CBL will acquire:

Illinois
– Cherryvale Mall (Rockford) 714,000 (300,000) 84%

Kentucky
– Fayette Mall (Lexington) 1.1 million (298,000) 100%
– Jefferson Mall (Louisville) 936,000 (275,000) 87% (CBL will potentially acquire additional interests through an offer to purchase outside partner interests.)
– Kentucky Oaks (Paducah) 878,000 (298,000) 40% (managed by third party)

Michigan
– Midland Mall (Midland) 514,000 (196,000) 40% (could offer to buy outside partner interests)
– Fashion Square Mall (Saginaw) 786,000 (287,000) 100%

North Carolina
– Randolph Mall (Asheboro) 376,000 (147,000) 100%
– Cary Towne Center (Cary) 953,000 (294,000) 80%
– Hanes Mall (Winston-Salem) 1.6 million (548,000) 100%

Ohio
– Eastgate Mall (Cincinnati) 905,000 (268,000) 54% (could offer to buy outside partner interests)
– Eastgate Crossing (Cincinnati) 194,000 54%
– Towne Mall (Franklin) 521,000 (152,000) 100%

South Carolina
– Citadel Mall (Charleston) 1.1 million (294,000) 100%
– Columbia Mall (Columbia) 1.1 million (297,000) 79% (could offer to buy outside partner interests)
– Northwoods Mall (North Charleston) 833,000 (312,000) 100%

Tennessee
– Old Hickory Mall (Jackson) 555,000 (159,000) 100%

Texas
– Parkdale Mall (Beaumont) 1.4 million (462,000) 100%

Wisconsin
– East Towne Mall (Madison) 895,000 (295,000) 65% (could offer to buy outside partner interests)
– West Towne Mall (Madison) 1 million (260,000) 65% (could offer to buy outside partner interests)
– West Towne Crossing (Madison) 447,000 65% (could offer to buy outside partner interests)
– Brookfield Square Mall (Milwaukee) 1 million (316,000) 100%
– Regency Mall (Racine) 918,000 (268,000) 100%
– Wausau Center (Wausau) 429,000 (156,000) 100%


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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ)
  • Company: Centerpoint Properties Corp.
  • Valuation: More than $150 million
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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