Cousins Properties Announces Retail Dispositions
ATLANTA--(BUSINESS WIRE)-- Cousins Properties Incorporated (NYS: CUZ) announced today the unwinding of two retail joint ventures and the sale of a retail power center as it continues to implement its strategy to exit non-core holdings and focus on Class-A office properties and opportunistic mixed-use developments.
The two joint ventures consisted of eight retail centers, totaling 2.1 million square feet, in four markets. The Prudential Insurance Company of America, which previously held an approximately 89 percent interest in the ventures, purchased Cousins' interests to become sole owner of the portfolio. The transaction valued Cousins' interests at approximately $57 million prior to allocation of property level debt.
Cousins also completed the sale of Tiffany Springs MarketCenter, a retail power center in Kansas City, Missouri, for approximately $54 million to an unrelated third party.
About Cousins Properties
Cousins Properties Incorporated is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA primarily invests in Class-A office towers located in high growth Sunbelt markets, with a focus on Georgia, Texas and North Carolina. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousinsproperties.com.
Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review Cousins' financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and other documents Cousins files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. Cousins undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
KEYWORDS: United States North America Georgia
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