Latest news with #CBL
Libya Herald
2 days ago
- Business
- Libya Herald
Aldabaiba reviews national house-building programme – with CBL financing initiative
Tripoli based Libyan Prime Minister continued the launch of the National Housing and Reconstruction Programme yesterday, during an expanded meeting with the programme's management, in the presence of Director General, Faisal bin Dardaf, Head of the Executive Team for the Prime Minister's Initiatives and Strategic Projects, Mustafa Al-Mana, along with a team of programme experts. Housing programme reviewed The meeting reviewed the technical presentation of the programme, which included the stages of implementation, the number of targeted projects in various regions, the operational status of each site, in addition to the technical and logistical needs necessary to ensure an effective and organized start. Role of the Central Bank of Libya as a key partner in financing the housing initiative In a related context, the role of the Central Bank of Libya (CBL) as a key partner in financing the initiative was emphasized, through the preparation of a comprehensive national mechanism for financing housing projects, and activating the contribution of the banking sector in supporting the real estate sector, thus contributing to the sustainability of the programme and expanding the base of benefiting from it. The meeting also discussed implementation timetables, targeted sites, mechanisms for citizens to benefit from housing units, as well as procedures for inventory and registration within the national housing database. Prime Minister stresses need for adherence to timetables and quality The Prime Minister stressed the need for strict adherence to timetables and quality of implementation, stressing that the program represents an important national economic engine, by creating job opportunities, stimulating the economic cycle, supporting the private sector, and opening the way for local companies and contractors to contribute to the implementation of projects, in order to achieve balanced and comprehensive urban development in various regions. The Central Bank of Libya house-construction finance initiative It will be recalled that on 13 July at a Tripoli workshop, the Governor of the Central Bank of Libya, Naji Issa, said that LD 3 to 5 billion every year is not a large amount to be invested by the CBL in the construction of housing projects as a proportion of the total state budget or what is being spent on subsidized fuel annually. This is especially the case in view of the positive effect on youth and Libyan society resulting from the increased availability of housing, he had added. Governor Issa was speaking at the workshop entitled 'The Role of the Banking Sector in Revitalizing Stalled Housing Projects and Urban Development', organised by the Central Bank of Libya in cooperation with the Tripoli based Libyan government. At the same workshop, the government had revealed that 150,000 housing units are to be completed between 2025 and 2030. The workshop was attended by several heads of banks, boards of directors and general managers, in addition to representatives of government agencies and real estate developers. . Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa CBL workshop on 'The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development' to be held in Tripoli on 13 July Tripoli based Libyan government plans to complete 150,000 housing units by 2030 Libya Industry Union supports CBL initiative to complete stalled housing projects – through cheaper, locally manufactured raw materials Aldabaiba government does increase spending on development projects: CBL Libya to activate stalled housing projects through local companies Tags: house constructionhousing
Globe and Mail
2 days ago
- Business
- Globe and Mail
CBL Properties Acquires Four Dominant Enclosed Regional Malls in Dynamic and Growing Markets for $178.9M
CBL Properties (NYSE:CBL) today announced that it has acquired four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. This acquisition reinforces CBL's position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets. 'We are thrilled to add these four dominant enclosed malls to the CBL portfolio,' said Stephen D. Lebovitz, CEO of CBL Properties. 'Each property fits perfectly within our existing portfolio. They enhance CBL's operating metrics, augmenting sales and occupancy and offer both near- and long-term growth opportunities.' The transaction represents significant progress in the execution of CBL's portfolio optimization strategy – to redeploy proceeds from non-core asset sales into stable and growing assets that generate immediate accretion to CBL's portfolio cash yield. In 2024 and year-to-date in 2025, CBL has completed sales of more than $241 million in non-core malls, open-air centers and outparcels. Most recently, CBL closed the $83.1 million sale of The Promenade, a premier power center in D'Iberville, MS, at an attractive single-digit cap rate. Additional open-air center dispositions are planned for the near-term, which will generate attractively priced capital from an undervalued segment of CBL's portfolio. Lebovitz added, 'This transaction exemplifies our ability to strategically leverage the attractive valuations of our high-quality open-air and outparcel portfolio to fund investments in market-dominant enclosed malls. Each of these newly acquired assets enjoys strong market positioning and both near and long-term growth potential. The acquisition is immediately accretive to CBL's cash flow per share and FFO, and moderately deleveraging to our balance sheet. Additionally, the scalability of our existing platform allows for seamless integration of the properties into our existing portfolio, further enhancing the financial benefits of the transaction. Growing cash flow through our portfolio optimization strategy remains a top priority as we continue to focus on delivering strong returns to our shareholders.' Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to approximately $443.0 million and providing for a seven-year term, comprised of an initial maturity in October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75.0 million. The interest rate on the full principal balance will convert to the floating rate after the initial term. 'We are pleased to further our relationship with Beal Bank through this transaction,' said Ben Jaenicke, EVP - CFO of CBL Properties. 'This financing strengthens our balance sheet by extending our maturities, reducing interest rate risk, and locking in the attractive returns and cash flow generation from the four-mall acquisition.' Matt Hart of CSG Investments, Inc. noted, 'On behalf of our broader team at Beal Bank USA, we are delighted to have this opportunity to expand and extend our support for CBL and their growing portfolio of market-dominant retail properties.' Additional information on the transaction is available in the Investor Relations - Presentations section of CBL's website: CBL Properties - Investor Relations - Reports, Presentations & Webcasts About Ashland Town Center Ashland Town Center is a single-level enclosed regional shopping mall located in Ashland, Kentucky, along U.S. Highway 23 near downtown. Opened in 1989, the mall spans over 420,000 square feet and features more than 70 retailers and restaurants, including major anchors such as JCPenney, Belk (Women & Kids and Men & Home), TJ Maxx, Ulta Beauty, and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store and updated amenities. The mall also includes popular dining options like Olive Garden and Slim Chickens and serves as a dominant retail destination in the region, attracting millions of visitors annually. About Mesa Mall Mesa Mall is the largest indoor shopping center in western Colorado, located in Grand Junction at the intersection of U.S. Highway 6 and 50. Spanning over 733,000 square feet, the mall features more than 120 stores and services, making it the premier retail destination between Denver and Salt Lake City. Anchored by major national retailers including Cabela's, Dillard's, JCPenney, Target, HomeGoods, and Dick's Sporting Goods, Mesa Mall offers a diverse mix of shopping, dining, and entertainment options. Originally developed in 1980, the mall has undergone several redevelopments to modernize its offerings and maintain its dominant position in the market. About Paddock Mall Paddock Mall is a single-level enclosed shopping center located in Ocala, Florida, and is the only enclosed mall in Marion County. Strategically situated on an 82-acre site along State Road 200 near I-75, Paddock Mall serves as a key retail hub for the region. Opened in 1980, the mall spans approximately 550,000 square feet and features over 90 stores and restaurants. Paddock Mall is anchored by JCPenney, Macy's, and Belk, with a fourth anchor space—formerly Sears—under redevelopment as the Paddock Market. About Southgate Mall Southgate Mall is the largest enclosed shopping center in western Montana, located in the vibrant and growing city of Missoula. Strategically situated along U.S. Highway 93 and South Avenue near the University of Montana campus, Southgate Mall has long served as a central retail and entertainment hub for the region. Opened in 1978, the mall spans approximately 546,000 square feet and features over 85 stores and restaurants. It is anchored by AMC Theatres, Scheels All Sports, and Dillard's (Women's and Men & Children) stores. About Beal Bank USA Beal Bank USA (Member FDIC and Equal Housing Lender), headquartered in Las Vegas, Nevada, has assets of approximately $16.9 billion as of June 2025. The Bank has a well-earned reputation as a stable, strongly-capitalized financial institution. About CBL Properties Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 89 properties totaling 55.4 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit Information included herein contains 'forward-looking statements' within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included therein, for a discussion of such risks and uncertainties.
Business Wire
2 days ago
- Business
- Business Wire
CBL Properties Acquires Four Dominant Enclosed Regional Malls in Dynamic and Growing Markets for $178.9M
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it has acquired four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. This acquisition reinforces CBL's position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets. 'We are thrilled to add these four dominant enclosed malls to the CBL portfolio,' said Stephen D. Lebovitz, CEO of CBL Properties. 'Each property fits perfectly within our existing portfolio. They enhance CBL's operating metrics, augmenting sales and occupancy and offer both near- and long-term growth opportunities.' The transaction represents significant progress in the execution of CBL's portfolio optimization strategy – to redeploy proceeds from non-core asset sales into stable and growing assets that generate immediate accretion to CBL's portfolio cash yield. In 2024 and year-to-date in 2025, CBL has completed sales of more than $241 million in non-core malls, open-air centers and outparcels. Most recently, CBL closed the $83.1 million sale of The Promenade, a premier power center in D'Iberville, MS, at an attractive single-digit cap rate. Additional open-air center dispositions are planned for the near-term, which will generate attractively priced capital from an undervalued segment of CBL's portfolio. Lebovitz added, 'This transaction exemplifies our ability to strategically leverage the attractive valuations of our high-quality open-air and outparcel portfolio to fund investments in market-dominant enclosed malls. Each of these newly acquired assets enjoys strong market positioning and both near and long-term growth potential. The acquisition is immediately accretive to CBL's cash flow per share and FFO, and moderately deleveraging to our balance sheet. Additionally, the scalability of our existing platform allows for seamless integration of the properties into our existing portfolio, further enhancing the financial benefits of the transaction. Growing cash flow through our portfolio optimization strategy remains a top priority as we continue to focus on delivering strong returns to our shareholders.' Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to approximately $443.0 million and providing for a seven-year term, comprised of an initial maturity in October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75.0 million. The interest rate on the full principal balance will convert to the floating rate after the initial term. 'We are pleased to further our relationship with Beal Bank through this transaction,' said Ben Jaenicke, EVP - CFO of CBL Properties. 'This financing strengthens our balance sheet by extending our maturities, reducing interest rate risk, and locking in the attractive returns and cash flow generation from the four-mall acquisition.' Matt Hart of CSG Investments, Inc. noted, 'On behalf of our broader team at Beal Bank USA, we are delighted to have this opportunity to expand and extend our support for CBL and their growing portfolio of market-dominant retail properties.' Additional information on the transaction is available in the Investor Relations - Presentations section of CBL's website: CBL Properties - Investor Relations - Reports, Presentations & Webcasts About Ashland Town Center Ashland Town Center is a single-level enclosed regional shopping mall located in Ashland, Kentucky, along U.S. Highway 23 near downtown. Opened in 1989, the mall spans over 420,000 square feet and features more than 70 retailers and restaurants, including major anchors such as JCPenney, Belk (Women & Kids and Men & Home), TJ Maxx, Ulta Beauty, and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store and updated amenities. The mall also includes popular dining options like Olive Garden and Slim Chickens and serves as a dominant retail destination in the region, attracting millions of visitors annually. About Mesa Mall Mesa Mall is the largest indoor shopping center in western Colorado, located in Grand Junction at the intersection of U.S. Highway 6 and 50. Spanning over 733,000 square feet, the mall features more than 120 stores and services, making it the premier retail destination between Denver and Salt Lake City. Anchored by major national retailers including Cabela's, Dillard's, JCPenney, Target, HomeGoods, and Dick's Sporting Goods, Mesa Mall offers a diverse mix of shopping, dining, and entertainment options. Originally developed in 1980, the mall has undergone several redevelopments to modernize its offerings and maintain its dominant position in the market. About Paddock Mall Paddock Mall is a single-level enclosed shopping center located in Ocala, Florida, and is the only enclosed mall in Marion County. Strategically situated on an 82-acre site along State Road 200 near I-75, Paddock Mall serves as a key retail hub for the region. Opened in 1980, the mall spans approximately 550,000 square feet and features over 90 stores and restaurants. Paddock Mall is anchored by JCPenney, Macy's, and Belk, with a fourth anchor space—formerly Sears—under redevelopment as the Paddock Market. About Southgate Mall Southgate Mall is the largest enclosed shopping center in western Montana, located in the vibrant and growing city of Missoula. Strategically situated along U.S. Highway 93 and South Avenue near the University of Montana campus, Southgate Mall has long served as a central retail and entertainment hub for the region. Opened in 1978, the mall spans approximately 546,000 square feet and features over 85 stores and restaurants. It is anchored by AMC Theatres, Scheels All Sports, and Dillard's (Women's and Men & Children) stores. About Beal Bank USA Beal Bank USA (Member FDIC and Equal Housing Lender), headquartered in Las Vegas, Nevada, has assets of approximately $16.9 billion as of June 2025. The Bank has a well-earned reputation as a stable, strongly-capitalized financial institution. About CBL Properties Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 89 properties totaling 55.4 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit Information included herein contains 'forward-looking statements' within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included therein, for a discussion of such risks and uncertainties. CBL_Corp
Libya Herald
2 days ago
- Business
- Libya Herald
CBL grants licenses to 52 new FX bureaux – bringing total to 187
In accordance with the Central Bank of Libya's plan to activate the role of Foreign Exchange Bureaux and FX companies, and in follow-up to the previous announcement regarding the granting of a license to practice 135 companies and exchange bureaux. The Central Bank of Libya announced last Sunday (27 July) the approval by Governor Naji Issa to grant a new final license to 52 Foreign Exchange Bureaux and companies. This brings the total number to 187 FX companies and bureaux covering all regions of Libya, as well as granting an initial license to practice to 108 FX companies and bureaux. The new FX bureaux will operate in the market under the supervision of the Central Bank of Libya. The announcement by the CBL comes as part of its efforts to fight the FX black-market and defend the FX value of the Libyan dinar. Last week the dinar dropped below the LD 8 per US dollar threshold causing a wide outcry in anticipation of rising prices and cost of living. The CBL has vowed to bring the rate down and keep it lower with the announcement of a planned series of countermeasures. It has dropped to about LD 7.7/dollar this week. Libya's undiversified, consumer, rentier economy It is unclear if any of the CBL's policies can keep the FX rate down in the long-term. Libya is fundamentally a consumer rentier state economy dependent on oil exports and global crude oil prices. It has failed over the decades, despite much promise, to reduce its import bill by diversifying its economy and developing local production and industry. . CBL demands imports are conducted through official banking instruments and the elimination of the FX black market CBL sets 7 percent profit margin for official FX Bureaux CBL Governor Issa justifies Libyan dinar devaluation – blames both governments for uncontrolled spending and absence of effective, targeted macroeconomic policies CBL devalues Libyan dinar by 13.3 percent to LD 5.56 per dollar Future of the value of the Libyan dinar against the dollar is not reassuring under current circumstances: Former CBL Governor Jehaimi Nine reforms must be taken to preserve the value of the Libyan dinar: Bank and Fintech chairman Naaman Bouri CBL's latest revenues and spending data reveals a dinar surplus but a dollar deficit Grand Mufti of Libya laments demise of exchange rate of Libyan dinar – and lack of resignations by officials as a result CBL invites applicants who had previously obtained initial approval to establish FX bureaux to resubmit applications CBL defends its financial performance, protection of Libyan dinar value Audit Bureau freezes 160 bank accounts amid currency smuggling, fraud and duty evasion claims Tripoli introduces electronic import regulation system CBL: LD 3 bn in FX smuggling, money laundering – accuses local banks of corruption CBL issues 71 new FX bureaux licenses CBL approves applications for 64 Foreign Exchange Bureaux
Libya Observer
3 days ago
- Business
- Libya Observer
CBL Governor approves new licenses for 52 exchange companies
The Governor of the Central Bank of Libya (CBL), Naji Issa, has approved the issuance of final operating licenses for 52 exchange companies and offices, as part of the CBL ongoing plan to strengthen the role of currency exchange institutions. With this latest approval, the total number of newly licensed exchange companies and offices has risen to 187, now covering all regions of Libya, according to a statement published on the CBL official Facebook page on Sunday. In addition, the Governor approved preliminary licenses for 108 more companies and offices. The CBL also called on all newly licensed entities to attend a meeting scheduled for Sunday, August 3, 2025, where the mechanism for launching operations in the market will be discussed. Economy Tagged: Central bank of Libya
