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Article: CBL & Associates Properties Enters into Definitive Agreements to Sell Joint Venture Interest and Management and Advisory Contracts with Galileo America.
- Article from:
- Business Wire
- Article date:
- July 20, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has entered into definitive agreements whereby CBL will transfer its 8.4% equity interest in Galileo America, LLC ("Galileo"), a joint venture between CBL and Galileo America Inc., to Galileo. Additionally, CBL's management and advisory contracts with Galileo will be purchased by New Plan Excel Realty Trust, Inc. (NYSE: NXL), a shopping center REIT. CBL will receive a total consideration of approximately $100.0 million related to these transactions, which are expected to close in August.
Galileo was formed in November 2003 as a joint venture between CBL and Galileo ...