CBL Properties Completes Sale of Layton Hills Mall

Author

Slice of Real Estate Team
August 09, 2024

Key Highlights:

  • Sale Price: $37.125 million, all cash

  • Purchaser: Second Horizon Capital

  • Impact: Reduced term loan principal balance to $749.8 million

  • Strategic Move: Strengthens balance sheet, extends debt maturity

Source (Business Wire)

Notable Quote:

❝

“We are pleased to complete the sale of Layton Hills Mall, which is a terrific example of the strength of stable enclosed mall assets in dynamic markets. Importantly, we were able to utilize existing value within the term loan pool to help meet the term loan principal balance extension test in November 2025.”

Stephen D. Lebovitz, Chief Executive Officer at CBL Properties

Our Take:

The sale of Layton Hills Mall by CBL Properties to Second Horizon Capital for $37.125 million is a significant strategic move that reflects the company's commitment to strengthening its balance sheet and extending its debt maturity schedule. This transaction demonstrates the resilience and value of stable enclosed mall assets in dynamic markets, and CBL's proactive approach in leveraging existing assets to meet future financial obligations. By applying the net proceeds to reduce the term loan principal balance, CBL continues to position itself for future growth and stability in a competitive market.