|
|
Article: Colonial Properties Trust Sells Five Multifamily Properties.
- Article from:
- PR Newswire
- Article date:
- September 27, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association, Inc. 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)
|
BIRMINGHAM, Ala., Sept. 27 /PRNewswire/ -- Colonial Properties Trust (NYSE: CLP) has announced the sale of 5 multifamily properties in Alabama, Georgia and Florida representing 1,709 apartment units, out of Colonial Properties' total multifamily portfolio of 15,600 units. Proceeds from the sale will be used to repay two secured loans totaling $15 million, at an average rate of 8.0, and the balance will be used to reduce the borrowings under Colonial Properties' unsecured line of credit and to support the company's future investment activities.
"Selling select assets and reinvesting the capital into new investment opportunities has been a priority for Colonial ...