ATLANTA--(BUSINESS WIRE)--
Cousins Properties Incorporated (NYSE: 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.
Cousins Properties Incorporated
Cameron Golden, 404-407-1984
Vice
President of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
cousinsproperties.com
Source: Cousins Properties Incorporated