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by Tennessean.com

Nashville, TN – Chattanooga-based CBL & Associates Properties Inc. has sold three malls and related properties to an offshore investor for $176 million, including Nashville’s Rivergate Mall and the Village at Rivergate.

The properties will now be managed by the offshore investor’s partner, Atlanta-based partner, Hendon Properties.

“We are pleased to complete the disposition of these assets, generating substantial equity and demonstrating our continued ability to effectively execute our capital plan,” said Stephen Lebovitz, president & CEO of CBL. “When combined with the $209 million in ATM proceeds generated through mid-year as well as $44 million from the sale of office buildings completed earlier this year, we have raised more than $425 million in equity year-to-date. This deliberate approach has allowed us to significantly reduce debt while minimizing dilution and strengthening our core portfolio.”

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