PREIT and Macerich form JV to redevelop Philadelphia mall

Under the terms of the deal, Macerich (MAC -0.5%) will acquire for $106.8M a 50% stake in The Gallery located in Center City Philadelphia. Pennsylvania REIT (NYSE:PEI) and Macerich will jointing handle development, leasing, and management duties, and future development costs will be split 50/50.

Macerich brings its skills in developing and leasing multi-use projects in urban environments, and PREIT brings its Philadelphia-area relationships and retail import.

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